NaturalShrimp and Yotta Acquisition signed a definitive merger agreement that values the combined company at an enterprise value of $275 million.
NaturalShrimp is a biotechnology aquaculture company that has developed and patented the first shrimp-focused commercially operational recirculating aquaculture system. The deal is expected to accelerate the company’s commercialization and production ramp up of farm-to-table sushi grade shrimp and fresh seafood, including planned U.S. facility expansion.
Terms call for Yotta to issue $175 in stock to NaturalShrimp. In addition, the stockholders of Natural Shrimp are entitled to receive an additional 5 million common shares (current valuation of $50 million) based on achieving certain revenue targets for 2024 and another $50 million in stock based on achieving certain revenue targets for 2025.
Yotta raised $115 million in an April IPO, initially with plans to target high technology, blockchain, software and hardware, ecommerce, social media and other general business industries globally.
Joseph Gunnar & Co. and Roth Capital Partners are serving as advisors to NaturalShrimp. Lucosky Brookman is serving as legal counsel to NaturalShrimp.
Chardan is serving as financial advisor to Yotta, and Loeb & Loeb is serving as legal counsel. Read more.
