Financing ·
Dalrada Technology Group’s subsidiary, Genefic, terminated financing agreements with IBS Equity Fund III and IBS…
DFCODalrada Financial Corp
Dalrada Technology Group’s subsidiary, Genefic, terminated financing agreements with IBS Equity Fund III and IBS Private Credit Fund IV. Although no funds were ever disbursed under the $20 million standby letter of credit or $5 million account purchase facility, IBS issued a Master Notice declaring Events of Default based on alleged failures to pay servicing invoices, maintain collateral values, and comply with reporting requirements. IBS accelerated the $181,500 promissory note and demanded a total of approximately $1.16 million in fees, redemption amounts, and expenses, while also requiring an additional $875,000 in qualifying collateral. The Company disputes these claims, asserting meritorious defenses against charges for unfunded facilities. If IBS prevails or exercises remedies such as seizing accounts or pledged equity, it could materially adversely affect the Company’s liquidity and operations. Dalrada Technology Group operates in the technology sector.