Company reduces authorized shares and satisfies debt, cleaning up capitalization to lay the groundwork for anticipated growth and future success.
SAN DIEGO, CA – March 14, 2024 – Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada,” “the Company”), announced today that it had filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC), highlighting the Company’s decision to reduce its number of authorized common shares from 1 billion to 500 million.
The share reduction announcement comes just weeks after Dalrada filed another 8-K in which CEO and Founder, Brian Bonar, addressed shareholders about the major events of the past year, setting up the Company’s ambitious goals for 2024 and beyond—particularly within the climate technology and healthcare sectors.
“I’m pleased to say that we’ve been able to form a solid foundation for Dalrada’s progress and future success,” according to Bonar. “Our intention is to expand upon our company wins in multiple business markets and keep that momentum going,” he added.
”I’m pleased to say that we’ve been able to form a solid foundation for Dalrada’s progress and future success. Now, more than ever, Dalrada is determined to increase shareholder value through bolstering our capital structure.
Brian BonarDalrada’s CEO and Founder
In addition to the overall share reduction, the Company successfully converted a total of approximately $34 million in related party debt to preferred stock during fiscal year ending 2023.
Dalrada’s authorized common share reduction and debt conversion to preferred stock show the Company’s commitment to improving value for every shareholder while signaling the strength of its subsidiaries and core product offerings.
The Company has also publicly stated that it has:
- Fully redeemed $3 million of convertible debentures during the last fiscal year.
- Fine-tuned the organizational structure and Board of Directors’ governance in compliance with NASDAQ listing requirements.
- Converted a significant amount of affiliate debt to equity, cleaning up the balance sheet.
“Now, more than ever, Dalrada is determined to increase shareholder value through bolstering our capital structure. We remain committed to pursuing strategic financing as it arises for the betterment of the company and shareholders alike,” said Bonar.
About Dalrada Corporation
Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada”) is a publicly-traded company and multi-national conglomerate that focuses on solving complex, multi-disciplinary global challenges in clean energy innovation and personalized healthcare solutions. Dalrada operates through two main subsidiaries: Dalrada Climate Technology and Genefic.
Dalrada Climate Technology develops and distributes innovative and eco-friendly heating and cooling solutions for various types of buildings. Genefic creates improved health outcomes through redesigned health systems and specialty pharmacy solutions. Dalrada aims to create positive social and environmental impact through its products and services, while delivering value to its shareholders.
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