The managers of hedge funds Pinnacle Fund and Knott Partners, who togetherhold a 9.5 stake in Dyadic International, are demanding the company’s CEO and twoof its board members resign, reports the South Florida Business Journal.
In a letter to the company last week, the managers requestedthe resignations of Dyadic Chairman Harry Rosengart, board member RichardBerman and CEO Wayne Moor, and that a controlling roll on Dyadic’s board berestored for the company’s founder, Mark Emalfarb, who was fired as CEO lastyear after a financial scandal at the company’s Chinese subsidiary.
In the letter, the managers also strongly disapprove of thecompany’s delisting from the American Stock Exchange to trade on the PinkSheets after it failed to file financial reports and hold an annual meeting forshareholders, according to Bizjournals.
“Dyadic’s board and management have failed its shareholdersand failed the company,” the letter reads, according to Bizjournals. “We willno longer stand idly by while the value of the company’s core businessdeteriorates due to the ineffectiveness of those entrusted to preserve it.”