On December 31, 2016, the Company acquired Plandaí Biotechnology South Africa (Pty) Ltd. (Plandaí), a South African company headquartered in the Mpumalanga province of South Africa through a share exchange agreement. Under the terms of acquisition, the Company issued 100,000 shares of Series D Preferred Stock in exchange for all of the issued and outstanding shares of Plandaí. The Series D Preferred have the right to convert into 75% of the post-conversion issued and outstanding common stock of the Company. The Series D Preferred have voting rights equal to the number of shares issuable on conversion on all shareholder matters.
As a result of the transaction with Plandaí, the shareholders of Plandaí became the control entity, having voting and conversion rights equal to 75%. While Plandaí is a legal subsidiary of the Company, Plandaí elected to become the successor issuer to the Company for accounting and reporting purposes.
The company being TXTM
Clear as mud, right?
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