NaturalShrimp Inc., a Dallas-based biotechnology aquaculture company, has terminated its previously announced merger agreement with Yotta Acquisition Corp., a deal that was anticipated as the first use of a special purpose acquisition company in the nation’s seafood sector.

It said, however, that it’s in negotiations with another entity that would involve a re-IPO and new capital raise. Last year, we gave you a look at NaturalShrimp and its plans.

The company, which developed and patented the first shrimp-focused commercially operational Recirculating Aquaculture System, said it terminated the deal because Yotta is unable to comply with the provision of its amended and restated certificate of incorporation.

The company said that prohibits Yotta from consummating an acquisition unless it has net tangible assets of at least $5,000,001 upon consummation of such a transaction.

“After working on this for almost 12 months, we are naturally disappointed in this news,” William Delgado, CFO and treasurer of NaturalShrimp, said in a statement. “We are currently in negotiations with another entity which will involve a Re-IPO and a new capital raise of between $10-$12M.”

“This opportunity has the full support of management, its advisors, and its investment banking team. The timing of this Re-IPO, if executed, will result in an uplist on similar timing as the previous business combination agreement. That timetable for the uplist remains at the end of September-beginning of October,” Delgado said. “Our team remains highly focused on commercialization and production ramp up of farm-to-table sushi grade shrimp and fresh seafood including a planned U.S. facility expansion, and we look forward to additional announcements in the weeks to come.”

First-of-its-kind farm-fresh shrimp and SPAC details

A publicly traded company, NaturalShrimp has production facilities near San Antonio and Webster City, Iowa.

It developed the first commercially viable system for growing shrimp in enclosed salt-water systems using patented technology to produce fresh, naturally grown shrimp, without the use of antibiotics or toxic chemicals.

NaturalShrimp announces licensing agreement with Japan-based Niterra

NaturalShrimp signed a technology licensing agreement with Niterra Co., Ltd., a leading Japanese manufacturer of spark plugs that also explores opportunities in various business sectors, including food and the environment.

The deal marks the first Asian license for NaturalShrimp’s technology, expanding its reach into one of the world’s largest seafood markets, according to a news release in June.

An agreement allows Niterra to trial NaturalShrimp’s patented shrimp-growing tech, including its Electrocoagulation and Hydroga technologies, in small-scale aquaculture farms in Japan. A six-month trial aims to evaluate the viability of these technologies in enhancing shrimp cultivation within local aquaculture farms. Niterra plans to conduct further tests on additional aquatic species upon successful completion.

If successful, Niterra might conduct further studies to evaluate the efficacy of NaturalShrimp’s technologies on other aquatic species.

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