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Replies to post #33504 on Plandai Biotechnology Inc (PLPL)
price_and_volume
02/07/24 4:12 PM
#33508 RE: seven77 #33504
On August 1, 2023, there was a recission of the material definitive agreement with ByoPlant: 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.
The Company holds no current assets, and holds no other assets, as of December 31, 2023, and June 30, 2023. There was no revenue produced within the period, as entity was acting as a shell for the period. Expenses incurred in period were related to prorated accrued interest on convertible debt.