109 0 Kommentare Natural Shrimp Announces Filing of Updated Registration Statement on Form S-4 in Connection with Proposed Business Combination with Yotta Acquisition Corp.

NaturalShrimp, Inc. (OTCQB: SHMP), 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 corporation, today announced the filing of a registration statement on Form S-4 (the “Registration Statement”), which contains a preliminary proxy statement/prospectus, with the U.S. Securities and Exchange Commission (“SEC”) in connection with their previously announced proposed business combination. The Registration Statement includes financials of NaturalShrimp for the nine months ended December 31, 2022 and 2021 and can be found here.

Management Commentary

“This week’s filing represents a key event to close our proposed business combination with Yotta in the second quarter of 2023,” said Gerald Easterling, CEO of NaturalShrimp. “More importantly, the registration statement includes amended financials for nine months 2021 and 2022 ended December 31. As we move ahead into 2023, we remain confident in our trajectory despite the delay in the estimated close date due to non-material events beyond our control and look forward to sharing more on our developing story in the months ahead.”

Hui Chen, Chief Executive Officer of Yotta Acquisition Corporation, added, “We are pleased to have overcome the delays and are now able to proceed with the business combination in a timely manner.”

Proposed Business Combination Highlights

Merger to accelerate commercialization and production ramp up of farm-to-table sushi grade shrimp and fresh seafood including planned U.S. facility expansion
NaturalShrimp could receive up to $105 million in net cash proceeds at the consummation of the transaction, assuming no redemptions
The parties expect that the common stock of the parent of the combined company will become listed on Nasdaq post-deal-close
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 stockholders 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) for revenue targets for 2025. These Earn-out shares will be available to shareholders of record on the closing of the transaction. Assuming no redemptions, the total enterprise value is estimated at approximately $275M at closing of the transaction.