Plandai Biotechnology Inc (PLPL)

[Kool Aid Man]

IMO..this shell wasn't as clean and problem free as Tad and Rick thought.

On 3/9/23 Tad filed this 11 page disclosure with OTC. In it he argued that PLPL was "no longer a shell because a "binding MOU" was in force effective as of 3/9/23. He went on to add specific details and pasted 3 pages of BYO's financials on the end.
"Supplemental Information - Change in Shell Status - No Longer a Shell Company"
https://www.otcmarkets.com/otcapi/company/financial-report/361195/content

Then on 05/17/2023 Tad uploaded a one page "Supplemental Information - Entry into Share Exchange Agreement; Change of Control" in OTC's disclosures. The statement was supposedly written and signed by Rick who identified himself as "President, Principal Executive Officer." In part he said

On May 16, 2023, Plandai Biotechnology, Inc. (the "Corporation") executed a Share Exchange and Reorganization Agreement (the "Agreement") with Good Salt, LLC, a Florida Limited Liability Company ("Good Salt").

Pursuant to the terms of the Agreement, Plandai and its sole officer and director, Tad Mailander, agreed to exchange 39,250,337,775 shares of its restricted common stock and 100,000 shares of Series "A" Preferred Stock, respectively, in exchange for all of the fixed tangible and intangible assets of Good Salt. Additionally, as provided for in the Agreement, Tad Mailander resigned as director, president, secretary, and treasurer of the Corporation and concurrently appointed Rick O'Shea as director, president, secretary, and treasurer of the Corporation.... On May 16, 2023, the Corporation's directors and majority shareholder acted by written consent to approve the Agreement. As a result of the Agreement, Good Salt became a wholly owned subsidiary of the Corporation.... These assets and existing business opportunities are valuable and not nominal and result in the Corporation no longer being considered a shell company under SEC Rule 405. https://www.otcmarkets.com/otcapi/company/financial-report/371237/content

I don't recall when OTC removed the "shell" designation and replaced it with a "shell risk" warning but assume it was after 5/17/23 otherwise Rick wouldn't have brought it up. However, the assertion that BYOLANET is a "wholly owned subsidiary" of PLPL is consistent with a corporate action regarding reverse mergers. Rick even claimed a "change of control" was effective as of that date (52 days ago).

Again, BYO created PR's which were posted on OTC "news" on 5/18 and 5/19. IMO Rick obviously thought his "supplemental" followed by these PR's would result in increased volume and prices. But without FINRA approval of the merger one wonders what the strategy is.

Plandai is still "active" in Nevada with no updates since February. Maybe they'll address the elephant in the room soon... maybe they won't.