NaturalShrimp Incorporated (OTCQB: SHMP) (“NaturalShrimp”), a Biotechnology Aquaculture Company that has developed and patented the first shrimp-focused commercially operational RAS (Recirculating Aquaculture System), has announced that it has terminated its previously announced Merger Agreement with Yotta Acquisition Corporation (“Yotta”) and its wholly owned subsidiary, Yotta Merger Sub, Inc.
NaturalShrimp systems require a small footprint and minimal power. From hatchery to nursery to grow out to final harvest, the company's technologies improve health and survivability while increasing feed conversion rates.
The termination is based on Yotta’s inability to comply with the provision of its Amended and Restated Certificate of Incorporation that prohibits Yotta from consummating an initial business combination unless it has net tangible assets of at least $5,000,001 upon consummation of such initial business combination, in connection with the transactions contemplated with the Merger Agreement, which makes impossible the satisfaction of certain conditions to NaturalShrimp’s obligations to consummate, and the consummation of, such transactions.
The benefits of using NaturalShrimp’s technology include fresh and saltwater production systems with improved performance of bacterial biofilms, which greatly improves the health and performance of stock.
“After working on this for almost twelve months, we are naturally disappointed in this news,” stated William Delgado, Chief Financial Officer and Treasurer of NaturalShrimp.
William Delgado.
“We are currently in negotiations with another entity which will involve a Re-IPO and a new Capital raise of between $10-$12M. This opportunity has the full support of management, its advisors, and its Investment Banking team. The timing of this Re-IPO, if executed, will result in an uplist on similar timing as the previous business combination agreement".
"That timetable for the uplist remains at the end of September-beginning of October. Our team remains highly focused on commercialization and production ramp up of farm-to-table sushi grade shrimp and fresh seafood including a planned U.S. facility expansion, and we look forward to additional announcements in the weeks to come.”
About NaturalShrimp
NaturalShrimp Incorporated is a publicly traded aquaculture Company, headquartered in Dallas, with production facilities located near San Antonio, Texas, and Webster City, Iowa.
The Company has developed the first commercially viable system for growing shrimp in enclosed salt-water systems using patented technology to produce fresh, naturally grown shrimp, without the use of antibiotics or toxic chemicals. NaturalShrimp systems can be located anywhere in the world to produce gourmet-grade Pacific white shrimp.
(UNITED STATES, 7/31/2023)
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