Lucosky Brookman Successfully Represents NaturalShrimp, Inc. in Definitive Agreement and Plan of Merger with Yotta Acquisition Corp.
Lucosky Brookman LLP congratulates its client, NaturalShrimp, Inc. (NASDAQ: SHMP), a Biotechnology Aquaculture Company that has developed and patented the first shrimp-focused commercially operational RAS (Recirculating Aquaculture System), on entering into a definitive agreement and plan of merger with Yotta Acquisition Corporation (NASDAQ: YOTA) (“Yotta”), a special purpose acquisition company. Under the Business Combination Agreement, NaturalShrimp will merge with a wholly owned subsidiary of Yotta. The companies intend for Yotta’s common stock to continue to be listed on the Nasdaq Capital Market.
Assuming no redemptions by Yotta public stockholders, upon closing, the combined entity could have access to as much as $105 million in net cash (after paying transaction expenses) from the Yotta trust account. Final proceeds will depend upon redemption rates of current Yotta stockholders at the consummation of the proposed Transaction.
Gerald Easterling, CEO of NaturalShrimp, said: “This business combination with Yotta has the potential to significantly accelerate our efforts for commercialization and the ramp up of production of our fresh, land-based gourmet-grade shrimp at the largest indoor farming facilities in the U.S. We also expect that the merger will provide us with additional capital to advance facility expansion efforts in strategic markets in the U.S., including Florida, Nevada, and the Northeast. Our goal is to rapidly build market share in the supply-constrained, premium segment of the market for large shrimp which sell at 20%-30% price premiums utilizing our propriety, proven and scalable technologies and production system. Combined with our capital efficient model, the transaction has the potential to put NaturalShrimp on the fast track to rollout across the 10 largest population centers in the U.S.”
Lucosky Brookman acted as corporate and securities counsel to NaturalShrimp, Joseph Gunnar & Co., LLC and Roth Capital Partners, LLC, served as advisors to NaturalShrimp, while Chardan served as financial advisor to Yotta and Loeb & Loeb LLP served as legal counsel to Yotta.