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.
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SOURCE: Plandai Biotechnology