NaturalShrimp Incorporated has announced that it has terminated its merger agreement with Yotta Acquisition Corporation and its wholly owned subsidiary, Yotta Merger Sub, Inc. "After working on this for nearly twelve months, we are naturally disappointed with this news," said William Delgado, CFO and treasurer of NaturalShrimp.
As reported by NaturaShrimp, this decision is due to Yotta's inability to comply with certain financial conditions outlined in its Amended and Restated Certificate of Incorporation. In this certificate, there is a specific requirement that prohibits Yotta from consummating an initial business combination unless it has net tangible assets of at least USD 5,000,001 (EUR 4,6 million) at the time of consummation of such business combination. However, due to Yotta's inability to comply with this condition, certain conditions to NaturalShrimp's obligations for consummating the merger and performing the transactions related to the Merger Agreement are rendered unenforceable.
Delgado also clarified that they are presently in talks with another organization. Moreover, he added that these talks includes a Re-IPO and a fresh capital infusion ranging from USD 10 million to USD 12 million (EUR 9.12 million to EUR 10.9 million). "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 agreement. That timetable for the uplist remains at the end of September-beginning of October."
He concluded the communiqué on their financial news by emphasizing they remain steadfast in their commitment to focus on growth. "Our team remains highly focused on commercialization and production ramp-up of farm-to-table sushi-grade shrimp and fresh seafood. [This also includes] a planned U.S. facility expansion, and we look forward to additional announcements in the weeks to come."
NaturalShrimp is a publicly traded aquaculture company based in Dallas. The company has pioneered a groundbreaking system for growing fresh, naturally grown shrimp in enclosed salt-water environments. Their patented technology avoids the use of antibiotics or toxic chemicals, offering gourmet-grade Pacific white shrimp worldwide.
Yotta Acquisition Corporation is a blank check company aiming for a business combination, without any specific industry or region restrictions. Thus, focusing on the high-tech, software, hardware, e-commerce, and social media industries, they seek to revolutionize major sectors.