Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey
   


NaturalShrimp could receive up to $105 million in net cash proceeds at the consummation of the transaction, assuming no redemptions.

NaturalShrimp Incorporated Announces Merger Agreement with Nasdaq-Listed Yotta Acquisition Corp.

  (UNITED STATES, 10/26/2022)

NaturalShrimp, Incorporated (OTCQB: SHMP) (“NaturalShrimp”), a Biotechnology Aquaculture Company that has developed and patented the first shrimp-focused commercially operational RAS (Recirculating Aquaculture System), and Yotta Acquisition Corporation (NASDAQ: YOTA) (“Yotta”), a special purpose acquisition company, has announced the signing of a definitive agreement (the “Business Combination Agreement”) for a proposed merger of the two companies.

Under the Business Combination Agreement, NaturalShrimp will merge with a wholly owned subsidiary of Yotta. The companies intend for Yotta’s common stock to continue to be listed on the Nasdaq Capital Market.

 https://admin.seafood.media/cm/photolib/images/download/62605_494x332_72_DPI_0.jpg
Merger to accelerate commercialization and production ramp up of farm-to-table sushi grade shrimp and fresh seafood including planned U.S. facility expansion.

Assuming no redemptions by Yotta public stockholders, upon closing, the combined entity could have access to as much as $105 million in net cash (after paying transaction expenses) from the Yotta trust account. Final proceeds will depend upon redemption rates of current Yotta stockholders at the consummation of the proposed Transaction.

 
Gerald Easterling.

Gerald Easterling, CEO of NaturalShrimp, said: “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 10 largest population centers in the U.S.”

Hui Chen, CEO of Yotta, added: “We believe NaturalShrimp’s patented technologies, attractive business model and unit economics provides a premium pricing opportunity for fresh, locally grown product that is of superior quality and sustainable. We further believe that NaturalShrimp is well-positioned to become a premier provider of shrimp in the U.S., and we are pleased that Yotta’s stockholders will have the opportunity to invest and help fill the gap in the large and growing shrimp market with land-based gourmet-grade shrimp without the use of antibiotics, probiotics or toxic chemicals.”

 https://admin.seafood.media/cm/photolib/images/download/46658_494x196_72_DPI_0.jpg
NaturalShrimp, Inc. has developed patented proprietary technology to produce fresh, gourmet-grade shrimp without the use of antibiotics, probiotics or toxic chemicals.

The Business Combination Agreement has been approved by the Board of Directors of each of NaturalShrimp and Yotta.

Certain stockholders of both NaturalShrimp and Yotta have entered into agreements pursuant to which they have committed to vote their respective shares in favor of the business combination.

The NaturalShrimp - Yotta Business Combination Agreement

Under the terms of the Business Combination Agreement with Yotta, Yotta Merger Sub, Inc., a Nevada corporation (“Merger Sub”) and wholly owned subsidiary of Yotta Acquisition Corporation, will merge with and into the NaturalShrimp, after which the NaturalShrimp will be the surviving company and a wholly owned subsidiary of Yotta Acquisition Corp. and Yotta shall change its name to NaturalShrimp, Inc.

 https://admin.seafood.media/cm/photolib/images/download/57024_494x255_72_DPI_0.jpg
NaturalShrimp and Yotta Acquisition Corp. to conduct a global marketing campaign to educate institutional and other investors about its system for growing shrimp in enclosed, salt-water systems, using patented technology to produce fresh, never frozen, naturally grown shrimp, without the use of antibiotics or toxic chemicals.

Yotta Acquisition Corp. will issue 17.5 million of its common shares (current valuation of $175.0 million) to the security holders of NaturalShrimp. In addition, the stockholders of Natural Shrimp are entitled to receive an additional 5.0 million common shares (current valuation of $50.0 million) based on achieving certain revenue targets for 2024 and 5 million common shares (current valuation of $50 million) based on achieving certain revenue targets for 2025. The transactions contemplated by the Business Combination Agreement and the ancillary agreements thereto are referred to, collectively, as the “Transaction.”

The Business Combination Agreement contains covenants in respect of non-solicitation of alternative acquisition proposals and a termination fee payable to Yotta in certain circumstances.

 https://admin.seafood.media/cm/photolib/images/download/57025_494x239_72_DPI_0.jpg
From hatchery to nursery to grow out to final harvest, NaturalShrimp's technologies improve health and survivability while increasing feed conversion rates. Aquaculture is simply revolutionary.

The proposed business combination is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions, including the effectiveness of the registration statement on Form S-4 that Yotta is required to file with the U.S. Securities and Exchange Commission (“SEC”), required Nasdaq approval, and the approval of the proposed Transaction and the Business Combination Agreement by a majority of the stockholders of NaturalShrimp and a majority of Yotta stockholders voting to approve thereon.

Post-closing, the combined company Board of Directors will include seven directors designated by NaturalShrimp. Additional information may be found in the Current Reports on Form 8-K being filed by NaturalShrimp and Yotta with the U.S. Securities and Exchange Commission (“SEC”) in connection with the announcement of the execution of the Business Combination Agreement.

NaturalShrimp intends to use the proceeds from the proposed Transaction to accelerate commercialization and production ramp up of its farm-to-table sushi grade shrimp and fresh seafood.

 https://admin.seafood.media/cm/photolib/images/download/56455_494x280_72_DPI_0.jpg
NaturalShrimp's systems require a small footprint and minimal power.

Advisors

Joseph Gunnar & Co., LLC and Roth Capital Partners, LLC, are serving as advisors to NaturalShrimp. Lucosky Brookman LLP is serving as legal counsel to NaturalShrimp.

Chardan is serving as financial advisor to Yotta. Loeb & Loeb LLP is serving as legal counsel to Yotta.

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.

About Yotta Acquisition Corporation

Yotta is led by founder Hui Chen (CEO). Yotta is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses.

Although there is no restriction or limitation on what industry or geographic region its target operates in, Yotta intends to focus on high technology, blockchain, software and hardware, ecommerce, social media and other general business industries globally.

Source: NaturalShrimp

Previous News

[email protected]
www.seafood.media


Information of the company:
Address: La Coste - PO Box 760669
City: San Antonio
State/ZIP: Texas (TX 78245-0669)
Country: United States
Phone: +1 888-791-9474
E-Mail: [email protected]
Skype: https://instagram.com/2020naturalshrimp
More about:




Approval / Accreditation / Certified / Oversight by...
USDA/USDC & FDA 
 Print


Click to know how to advertise in FIS
MORE ARTICLES
American Industrial Partners to Acquire Aker Biomarine's Feed Ingredients Business
ASC’s Growing Impact Comes to Life in New Visual Dashboard
American Seafoods Reaffirms Focus on Business and Growth Prospects
Frime Launches the First and Only Marinated Tuna Suitable for Raw Consumption
Naturally Sublime Caviar
North Coast Seafoods Launches New 100% Recyclable Packaging
Acme Smoked Fish Debuts Innovative New Products & Packaging
Long John Silver’s Partners with Leading Tech Innovators to Transform Customer Engagement
Discovery Tour to Showcase Responsible Salmon Farming in Norway
Skretting Introduces New Feed Formulation Concept
FDO Showcases Range of Seafood Products at HORECA Oman 2024
Atlantic Sapphire Further Reduces Carbon Footprint by Joining Esteemed FPL Solar Together Program
GSA Launches BAP Consumer Websites in French and German
High Liner Foods Invests US$10M in Andfjord Salmon
Blue Star Foods Reports 19% Growth to U$2.3 M Revenue for First Quarter Ended March 31
Filetfabrikken is Ready for the Future of Fish Processing
Wanda Fish Unveils Its First Cell-Cultivated Bluefin Tuna Toro Sashimi
Veramaris Achieves a Record-breaking Year With a 50% Increase in Production Volumes
Online registration is Now Open for Aquaculture Vietnam 2024
Tasmanian Oyster Company Renews Friend of the Sea Certification
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
FAO Fisheries Committee Meets to Address Global Challenges in Aquatic Food Systems
Italy The 36th session of the Committee on Fisheries (COFI36) of the Food and Agriculture Organization of the United Nations (FAO) began today in Rome, bringing together key policy makers, experts and partn...
Alpescas condemns murder of fishing leader Minerva Pérez in Mexico
Mexico The alliance views with concern these acts that may be related to cartels or mafias that operate with illegal fishing, which is why they urge governments and authorities to put emphasis on comba...
Indian Ocean squid price index: Flying squid (Ommastrephes bartramii)
China In order to continuously enhance the ability to control squid resources and price influence, and conduct more accurate resource assessment and forecasting, the China Ocean Fisheries Association&n...
Federal Government Recognizes Seafood as a High-Priority Sector for Enforcement Under the Uyghur Forced Labor Prevention Act
United States The Forced Labor Enforcement Task Force (FLETF) updated its strategy to prevent the importation of goods produced through forced labor in the People’s Republic of China by designating seafood as...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER