Plandaí Biotechnology, Inc. cancelled the acquisition of ByoPlanet International, LLC.
As of May 17, 2023, Plandaí Biotechnology, Inc. completed the acquisition of ByoPlanet International, LLC.
Plandaí Biotechnology, Inc. cancelled the acquisition of ByoPlanet International, LLC on August 1, 2023. The deal got cancelled due to the material failure of consideration in the transaction, despite diligent efforts and ongoing communications, conditions subsequent to the closing were unmet, and essential considerations were not settled. The rescission will render the material definitive agreement null and void, and both parties will revert to their pre-agreement status. 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.