Dalrada Corporation Enters Into a $3MM Convertible Debt Funding

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02/09/2022 - 08:00 AM

SAN DIEGO--(BUSINESS WIRE)-- Dalrada Corporation (OTCQB: DFCO, "Dalrada") (“Company”) announces that as of February 4, 2022, Dalrada Financial Corporation (the “Company”) entered into a securities purchase agreement ("SPA") for issuance and sale of convertible debentures (the “Debentures”) in the aggregate principal amount of $3,000,000. The first Debenture in a principal amount of $2,000,000 was purchased upon the signing of the SPA on February 7, 2022 (the “First Closing”), and the second Debenture in the principal amount of $1,000,000 shall be purchased upon the filing of a registration statement with the U.S. Securities and Exchange Commission registering the resale of the shares of Common Stock underlying the Debenture by the Buyer (the “Second Closing”).

Detailed terms will be included in the Company’s Form 8-K.

The financing aids Dalrada's continued expansion in the top growth markets of: Technology, Energy, and Health. The financing will aid the Company to expand Empower Genomics, which focuses on COVID and other diagnostic testing, as well as expanding the US division of Likido Limited which will support in the manufacturing of Likido Limited’s high-temperature and environmentally friendly heat pumps.

Dalrada continuously builds on its core practices of engineering, life sciences, and technology while operating under the tenet of bringing innovative products and services to a complex new world. The Company's subsidiaries respond with alternative solutions that are affordable, available, accessible, and impactful.

For more information on Dalrada and its subsidiaries, visit www.dalrada.com.

About Dalrada (DFCO)

With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling the worldwide challenges of today and tomorrow.

Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.

Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Dalrada's subsidiaries actively produce affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com.

Disclaimer

Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.