Plandai Biotechnology Inc (PLPL)

[Kool Aid Man]

For those who weren't around back then, on 11/3/22 Ken Patel shot his mouth off by posting on Facebook that "his dream had come true".. the (reverse merger) deal was done etc. In 3 days the stock rose +89% (.0009 to .0017) on volume of about 850 million.

On 11/8 Tad posted the following. He not only said the deal wasn't done yet and that Patel would need to produce an audit of his EV Hotel idea... but that a "1-for-100 reverse split" would be a part of the deal.
https://www.otcmarkets.com/stock/PLPL/news/EV-Hotel-Corp-and-Plandai-Biotechnologies-Enter-Into-Asset-Acquisition-Agreement-to-Create-the-Leading-Smart-Hotel-Brand?id=379231;

Based on that the stock imploded -65% on volume of 963 million that day. By 11/17 it hit .0003 on big volume.

Since he took over this ticker Tad apparently blew up the O/S massively (from 500 million to 8.2 billion). IMO he clearly did so in order pay off millions in toxic convertible debt racked up by the previous crooked CEO. Some are identified in disclosures while others may not be. Regardless, I've rarely ever heard of lenders simply walking away from debts they're owed even if a company goes bankrupt. The cash these lenders gave former CEO Roger Duffield has long since been blown or stolen. IMO most cut deals because "In 2020, the Securities and Exchange Commission (the “SEC”) stepped up its efforts to reel in “toxic lenders”: individuals who profit enormously by buying convertible securities in penny stock companies and selling the shares they obtain upon conversion of their promissory notes, warrants or preferred stock." https://www.securitieslawyer101.com/2021/sec-toxic-convertible-note-lenders/

So while the convertible "death spiral" aspect of those deals have been blunted, those lenders are apparently still poised to enrich themselves via the shares Tad gave them.

Interesting reading--

SEC Obtains Final Judgments Against New York Penny Stock Promoter and Associated Companies in Scalping and Market Manipulation Case
Litigation Release No. 24795 / April 15, 2020
https://www.sec.gov/litigation/litreleases/2020/lr24795.htm

SEC Obtains Final Judgments Against Biotechnology Company and Its CEO for Stock Offering Scheme
Litigation Release No. 24911 / September 23, 2020
Securities and Exchange Commission v. Roger Duffield, et al., No. 18-civ-6984 (S.D.N.Y.)
https://www.sec.gov/litigation/litreleases/2020/lr24911.htm