Company reduces authorized shares and satisfies debt, cleaning up capitalization to lay the groundwork for anticipated growth and future success.
SAN DIEGO, CA / ACCESSWIRE / 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.
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.
For more information, please visit www.dalrada.com, and follow us on LinkedIn, Facebook, Twitter, and YouTube.
Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, particularly statements relating to cost reductions and the anticipated pre-tax savings from the cost reduction program, restructuring costs, footprint rationalization, simplifying and streamlining our operations, reducing complexity, enhancing the speed of decision-making, leveraging our sourcing capabilities and the timing of implementation and completion of the cost reduction program, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of many events outside the Company's control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
Media contact: Michael Eslinger (meslinger@dalrada.com)
SOURCE: Dalrada Financial Corp.
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