Plandai Biotechnology Inc (PLPL)

[shinytrout]

FINRA's Role in OTC Corporate Actions

FINRA’s Role in OTC Corporate Actions
Federal securities regulations task FINRA with processing corporate action announcement requests by companies that trade in the over-the-counter (OTC) marketplace rather than on a national securities exchange. Corporate actions reportable to FINRA generally include mergers, a dividend or other distribution of cash or securities, stock splits and name and domicile changes.

FINRA’s processing function helps to keep investors and the market informed of company corporate actions. However, FINRA is not responsible for approving or disapproving the action the company is taking. And FINRA does not review such requests for a company’s compliance with any federal, state or other regulatory requirements. The public company is responsible for making sure their business decisions comply with all applicable laws and regulations.

To Tad's credit, there is no mention of FINRA approval. But which "regulatory" agency(s)?
3/20/23 - Tad Mailander, CEO of Plandai Biotechnology. "We are excited about the potential opportunities this new direction presents and are committed to leveraging our combined expertise and resources to drive innovation and growth.................
In preparation for the closing of the agreement, Plandai has filed a corporate action to change its name to ByoPlanet, Inc. and has requested a new trading symbol. These changes are currently awaiting regulatory approval, and the company looks forward to providing further updates to its stakeholders as they become available.https://finance.yahoo.com/news/plandai-biotechnology-inc-announces-entry-110000183.html

Be Wary of Announcements Regarding FINRA "Approval" of a Corporate Action
Companies undergoing a corporate action often issue a press release or other communication, such as a tweet or other social media post, to provide details of the change. .................... However, in the past, some companies have used these publications to suggest that FINRA has somehow "approved" a corporate action or that a corporate action will be effective once FINRA approves it. To clarify, this is not the case: FINRA does not approve corporate actions.

https://www.finra.org/investors/insights/corporate-actions-public-companies-what-you-should-know#:~:text=FINRA%E2%80%99s%20processing%20function,company%20is%20taking.