Plandai Biotechnology, Inc. Announces Rescission of Material Definitive Agreement with Good Salt, LLC

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

SOURCE: Plandai Biotechnology

View source version on accesswire.com:
https://www.accesswire.com/771606/Plandai-Biotechnology-Inc-Announces-Rescission-of-Material-Definitive-Agreement-with-Good-Salt-LLC


Related news for (PLPL)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.