NaturalShrimp aims to expand following merger

The Fish Site
by The Fish Site
6 January 2023, at 8:51am

NaturalShrimp, which has developed a unique recirculating aquaculture system (RAS), is set to expand production after merging with New York-based Yotta Acquisition Corp.

One of NaturalShrimp's patented RAS facilities
One of NaturalShrimp's patented RAS facilities

NaturalShrimp, which is headquartered in Dallas, uses its patented technology in production facilities near San Antonio, Texas, and Webster City, Iowa. Under the terms of their agreement, Yotta will change its name to NaturalShrimp Inc. The combined company’s stock will be listed on the Nasdaq Capital Market.

Yotta will issue 17.5 million of its common shares, valued at $175 million, to the security holders of NaturalShrimp. In addition, the stockholders of NaturalShrimp are entitled to receive an additional 5 million common shares, valued at $50 million, based on achieving certain revenue targets for 2024 and 5 million common shares based on achieving certain revenue targets for 2025.

The total enterprise value is estimated at approximately $275 million at closing of the transaction.

“This business combination with Yotta has the potential to significantly accelerate our efforts for commercialisation and the ramp up of production of our fresh, land-based gourmet-grade shrimp at the largest indoor farming facilities in the US,” NaturalShrimp CEO Gerald Easterling said in a statement in October. “We also expect that the merger will provide us with additional capital to advance facility expansion efforts in strategic markets in the US, including Florida, Nevada, and the Northeast.”