Yotta Acquisition in a letter to the SEC said today it is withdrawing a registration statement for securities that were to be issued in a merger that was terminated last July.
The SPAC had a deal with NaturalShrimp, but the seafood company terminated the merger agreement in July last year. Yotta the following month disclosed that the aqua-tech seafood company had not paid the $3 million termination fee and it is unclear whether the fee was ever paid.
Each side accused the other of not fulfilling their respective contractural obligations under the merger agreement.
The parties announced the $275 million deal in October 2022. Dallas-based NaturalShrimp is developing a series of land-based shrimp farms to supply the US food service market. Read more.
