SAN DIEGO, Calif.– The Board of Directors of Dalrada Corporation (OTCQB: DFCO, “Dalrada”) announces that on September 23rd, it authorized the creation of 10,002 Convertible Series “G” Preferred Shares at $0.01 par value per share. The holders of shares of Series “G” Convertible Preferred Stock have the right to convert each preferred share into shares of common stock.
Dalrada’s primary investors are executing agreements that allow Dalrada to move $6,532,188 of principal and interest from Liabilities to Owner’s Equity as Convertible Series “G” Preferred Shares. The parties have agreed to waive penalties, interest, and default interest subsequent to September 30, 2021. The Convertible Series “G” Preferred shares will provide for the related equity to convert into common shares. The effect of this transaction will be shown on the balance sheet to be published shortly.
“As Dalrada evolves, the Company continually proves itself as an innovative business leader. Especially over the past two years amid unprecedented conditions, Dalrada achieved significant milestones. This increased awareness of Dalrada’s philosophy, purpose, and ongoing mission. And with a well-established foundation, Dalrada is poised for growth.”
The three divisions that compose Dalrada, Technology, Engineering, and Health, all made significant advances that increased revenues and operating profit during the fiscal year 2021. Dalrada continues its mission to provide alternative end-to-end solutions to complex problems with advances in technology, environmental sustainability & clean energy, and health & wellness.
Continuously building on its core life sciences, technology, and engineering practices, Dalrada operates under the tenet of bringing innovative products and services to a complex new world. As consumers, businesses, and governments seek alternative solutions, Dalrada’s subsidiaries respond with affordable, available, accessible, and impactful innovations.
