Tuesday, August 01, 2023 3:36:32 PM
SAN DIEGO, CA / ACCESSWIRE / August 1, 2023 / Plandai Biotechnology, Inc. ("Plandai" or the "Company") (OTC:PLPL) announces today the rescission of a material definitive agreement with Good Salt, LLC due to the material failure of consideration in the transaction.
The material definitive agreement, which was initially entered into on May 16, 2023 , outlined the terms and conditions for the acquisition of the Company by Good Salt. However, despite diligent efforts and ongoing communications, conditions subsequent to the closing were unmet, and essential considerations were not settled.
As a result, Plandai had no choice but to initiate the rescission process. The rescission will render the material definitive agreement null and void, and both parties will revert to their pre-agreement status.
Plandai's CEO, Tad Mailander , expressed regret about the situation, stating, "It is disappointing that we had to resort to the rescission of the material definitive agreement due to the failure of consideration. We had high hopes for a successful transaction."
The Company's decision to rescind the agreement was approved by both a majority of the Plandai shareholders eligible to vote and the board of directors.
In light of this development, Plandai will evaluate its options moving forward and exploring alternative opportunities for growth and expansion.
Contact
plandai@protonmail.com
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM