2023-07-27 09:06:13 ET
- Biotechnology aquaculture company NaturalShrimp ( OTCQB:SHMP ) said on Thursday that it has terminated a previously-announced merger agreement with the blank check company Yotta Acquisition, and is exploring re-IPO and new capital raise opportunities.
- The special purpose acquisition company had announced in October 2022 that it plans to merge with Natural Shrimp through a deal that values the company at $275M at the time of closing.
- The shares of the combined company were expected to trade on Nasdaq.
- Yotta is prohibited from consummating an initial business combination unless it has net tangible assets of at least $5M, in accordance with its amended and restated certificate of incorporation.
- "We are currently in negotiations with another entity which will involve a Re-IPO and a new Capital raise of between $10-$12M," NaturalShrimp CFO William Delgado said.
- The re-IPO, if executed, is expected to result in an uplist on similar timing as the previous merger agreement.
- Source: Press Release
For further details see:
NaturalShrimp terminates merger with SPAC, exploring re-IPO and new capital raise