NaturalShrimp merges with special purpose acquisition company Yotta
NaturalShrimp intends to use the proceeds from the proposed transaction to accelerate the commercialization and production ramp-up of the shrimp produced at its RAS facilities.
US shrimp RAS company NaturalShrimp and Yotta Acquisition Corporation, a special purpose acquisition company, signed an agreement for a proposed merger of the two companies. NaturalShrimp will merge with a wholly owned subsidiary of Yotta. Upon closing, the combined entity could have access to as much as USD 105 million in net cash (after paying transaction expenses) from the Yotta trust account.
Gerald Easterling, CEO of NaturalShrimp, said that “this business combination with Yotta has the potential to significantly accelerate our efforts for commercialization and the ramp-up of production of our fresh, land-based gourmet-grade shrimp at the largest indoor farming facilities in the U.S. We also expect that the merger will provide us with additional capital to advance facility expansion efforts in strategic markets in the U.S., including Florida, Nevada, and the Northeast. Our goal is to rapidly build market share in the supply-constrained, premium segment of the market for large shrimp which sell at 20%-30% price premiums utilizing our propriety, proven and scalable technologies and production system. Combined with our capital efficient model, the transaction has the potential to put NaturalShrimp on the fast track to rollout across the ten largest population centers in the U.S.”
NaturalShrimp intends to use the proceeds from the proposed transaction to accelerate the commercialization and production ramp-up of its farm-to-table sushi-grade shrimp and fresh seafood.
NaturalShrimp and Yotta Acquisition Corp. plan to conduct a global marketing campaign to educate institutional and other investors about its RAS system for shrimp.