JIVA Tech Stock Price, News & Analysis

PlantX Life Inc. (OTCQB: PLTXF) announced delays in filing its annual financial statements and interim filings for the fiscal year ending March 31, 2022. The delay is attributed to ongoing audits and necessary restatements of previous financial data. Currently, trading is subject to a cease trade order issued on October 18, 2022, by the British Columbia Securities Commission. The Company aims to complete its filings by November 30, 2022, and is not facing any insolvency proceedings.

PlantX Life Inc. has received a cease trade order (CTO) from the British Columbia Securities Commission due to delays in filing required financial documents. The CTO affects trading of the company’s securities in Canada and replaces a previous management cease trade order. The company is currently working to complete its annual and interim filings, expected by November 15, 2022. Despite these setbacks, PlantX emphasizes that it is not undergoing insolvency proceedings.

PlantX Life Inc. (OTCQB: PLTXF) announced a partnership with The Very Good Food Company Inc. to manage ecommerce logistics for Very Good's products. This collaboration will utilize PlantX's existing warehousing capabilities, allowing Very Good to enhance its customer reach and streamline order fulfillment in the U.S. CEO Lorne Rapkin highlighted the minimal incremental costs associated with this partnership, which aims to drive sales and improve the online shopping experience for customers. The partnership is seen as a win-win for both companies.

PlantX Life Inc. (OTCQB: PLTXF) announced that the British Columbia Securities Commission (BCSC) granted an extension of its management cease trade order (MCTO) to October 14, 2022. The MCTO was originally issued due to the company's failure to file its audited annual financial statements and interim filings on time. PlantX is working with MNP LLP, its auditors, to finalize these documents, which include critical restatements from previous fiscal years. Despite these issues, the company assures that shareholders can still trade their securities.

PlantX Life Inc. announced the effective date for its share consolidation, scheduled for September 26, 2022. Post-consolidation, one share will be issued for every twenty shares held, resulting in approximately 10,048,329 outstanding shares, with around 4,671,220 shares reserved for issuance. The trading symbol 'VEGA' will remain unchanged. Additionally, the management cease trade order from August 2022 is still in effect due to delayed audited financial statements. The company operates a digital platform for plant-based products in North America, offering over 5,000 items.

PlantX Life Inc. (OTCQB: PLTXF) announced its acquisition of the domain veganessentials.com and related assets for C$900,000. The deal will enhance PlantX's existing e-commerce portfolio, known for providing a wide range of plant-based products. The acquisition includes 2,100 different cruelty-free items and a well-established brand with a robust organic search performance. Financing will involve C$150,000 in cash and 1,071,428 shares after a 20-for-1 share consolidation. The transaction is expected to close by October 15, 2022.

PlantX Life Inc. (OTCQB: PLTXF) has secured a wholesale distribution agreement with KeHE Distributors® to distribute its Little West cold-pressed juices across North America. This partnership aims to broaden Little West's market reach and access new business accounts. KeHE, a leading food distributor with nearly 70 years of experience, supports PlantX's growth strategy. Additionally, PlantX provides an update regarding its delayed financial statements, indicating that the audit is expected to be completed by September 27, 2022, following a management cease trade order from the British Columbia Securities Commission.

On September 12, 2022, PlantX Life Inc. (OTCQB: PLTXF) announced a collaboration with Future Farm at its Venice Beach Vegan Popup location. This partnership will feature two new sandwiches created by Chef Dennis Samala and highlight Future Farm products, including meatballs and burgers. Weekly events, including pizza nights, will promote these items. PlantX aims to expand Future Farm's presence across North America. The partnership follows a successful summer promotion and is expected to enhance sales through delivery options like Door Dash and Uber Eats.

PlantX Life Inc. (OTCQB: PLTXF) reported strong financial results for August 2022, achieving gross revenue of $1.381 million, a 32% increase year-over-year from $1.048 million in August 2021. The gross profit reached $525,000, reflecting a 38% gross margin, up from $367,000 and 35% margin the previous year. This growth is attributed to expanded distribution channels and retail presence, particularly the successful performance of the Little West cold-pressed juice brand and enhanced retail events. All amounts are in Canadian dollars.