Anyone who is currently looking into stocks that may have recorded significant gains over the past week could do well to take a look into the Plandai Biotechnology Inc (OTCMKTS:PLPL) stock.
Trading Data
On Monday, PLPL stock soared 25% to $0.0005 with more than 920.51 million shares traded, compared to a volume of 29.42 million shares. The stock moved within a range of $0.0004 – 0.0007 after opening trading at $0.0004.
Plandai Biotechnology In Non-Binding Letter of Intent to Acquire
The stock has been in the middle of a strong rally and it continued yesterday as it clocked gains of as much as 25% for the day. That took the gains made by the stock over the course of the past week to as much as 65%. Yesterday, the company was actually in the news after it announced that it had inked a binding letter of intent for the purpose of getting into a new business.
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The agreement in question is for technology and product licensing for the Puriblood Leukocyte Reduction Blood Filtration System. In this regard, it ought to be noted that the agreement was signed with Puriblood Medical Co Ltd, which is involved in the development and sales of products related to blood cell separation. It is clear to see that the signing of the agreement resulted in considerable optimism among investors and that led to the strong rally in the Plandai stock. It now remains to be seen if the stock can continue its upward move today.
Key Quote
Tad Mailander, the Company’s CEO and director commented, “We have been very clear with our shareholders that Plandai has planned to create increased value by merging with another business entity or implementing a positive change in business direction via a new management team. We have been carefully vetting such opportunities, and we are now pleased to present this opportunity to our shareholders. We view this proposed transaction as being in the best interest of our shareholders. Our team is looking forward to completing our due diligence process and ultimately closing on this transaction.”
Technical Data
PLPL stock is trading above the 20-Day and 50-Day Moving averages of $0.0004 and $0.0005 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0005.
