Plandaí Biotechnology Inc. (OTCMKTS:PLPL) is a London, UK-based organization, involved in the production of proprietary botanical extracts for the nutriceutical and pharmaceutical sectors. It is presently focused on developing Phytofare Catechin Complex, a botanical extract derived from green tea harvested in the Senteeko Tea Estate in Mpumalanga, South Africa. It is also working on the Phytofare citrus complex, a citrus extract, along with extracts from tomato fruit, Artemisia, and cannabis. The company even produces and sells timber and agricultural products from its farm and tea estate holdings in South Africa.
Trading Data
On Wednesday, PLPL stock slumped 45% to $0.0005 with more than 830.46 million shares, compared to its average volume of 155.48 million shares. The stock moved within a range of $0.0004 – 0.0007 after opening trading at $0.0006.
Plandai Biotechnology, Inc. Announces Termination of Non-Binding Letter of Intent
Plandai Biotechnology, Inc. has announced the termination of its non-binding letter of intent dated May 23, 2022, with Ms. Jessie Chiang, license holder of the worldwide rights, exclusive of Taiwan, of the Puriblood Leukocyte Reduction Blood Filtration System.
According to the company’s press release dated May 23, 2022, Plandai Biotechnology and Ms. Chiang intended to complete due diligence to reach a material definitive agreement. Ms. Chiang through the entities she controls would license the company with the exclusive rights to the Puriblood technology for North, Central, and South America. The rights were to last for a period of 30 years.
After closing of the proposed transaction, Ms. Chiang would have acquired a controlling interest in the company and become its Director, President, and Chief Executive Officer. The company continues to explore different potential strategic opportunities to bring value to its shareholders.
SEC Cancels Regulatory Penalty and Interest Concerning Legacy Civil Enforcement Action
On June 22, 2022, Plandai Biotechnology Inc. announced about the U.S. Securities and Exchange Commission canceling civil penalties and interest totaling approximately $200,000. This is in relation to the Commission’s 2018 action against the company and its former Chairman of the Board and CEO, Mr. Roger Duffield.
Tad Mailander, the company’s CEO and director, had expressed relief that the Commission has canceled the unpaid fine and interest imposed on Plandai Biotechnology due to this action. In the last couple of years, the company has toiled diligently to resolve its legacy financial burdens in order to move forward for the benefit of its shareholders.
He further elaborated that the Commission’s decision to cancel the fine and interest completes the settlement of all known significant legacy debt against the company. It includes the previously announced settlement and release of $6.9 million in outstanding notes payable to Berkshire Capital Management Co. and various third-party legacy lenders.
As mentioned, Plandai is continuing its evaluation of several potential strategic opportunities to bring value to its shareholders. It had retained Hudgens, CPAs, on June 20, 2022, to carry out an independent audit of its financial statements for the years ended June 30, 2022, and 2021. A registration statement will be filed upon completion.
Technical Data
PLPL stock is trading below the 20-Day and 50-Day Moving averages of $0.0012 and $0.0010 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0007. The company has a total market capitalization of $3.37 million. The stock is down 65% over the past month.
