Yotta Acquisition said it entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares in connection with today’s shareholder meeting to consider a deadline extension.
The SPAC wants a new deadline of Aug. 22, 2024 without making further monthly deposits into trust for the extra time. Yotta has already extended the deadline from April 22 until today with total desposits of $600,000.
Yotta’s sponsor has agreed to transfer up to 300,000 shares to the non-redeeming investor.
Yotta’s former merger partner NaturalShrimp terminated a deal with the SPAC in July. Yotta disclosed last month that the aqua-tech seafood company had not paid the $3 million termination fee to the SPAC, as specified in the business combination agreement. Whether the fee was ever paid was not mentioned in the SPAC’s latest regulatory filing. Read more.
