Panacea Life Sciences Holdings Inc (PLSH) has released an update to notify the public and investors about an entry into a material definitive agreement.
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In a strategic business move, a company engaged in a contingent asset purchase agreement with PUR Life Medical, Inc. for $2.6 million, which included an initial deposit and additional payments based on future performance. However, the deal was later rescinded, with the initial deposit to be refunded. Subsequently, the company sold the PUR Life assets to PLM Holdings, with the transaction involving the transfer of liabilities and intellectual property rights, and was identified as a related party transaction due to shared leadership between the two entities.
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For a comprehensive understanding of the announcement, you can read the full document here.