NaturalShrimp terminates merger agreement with Yotta Acquisition

The termination is based on Yotta’s inability to comply with the provision of its Amended and Restated Certificate of Incorporation

NaturalShrimp Incorporate a Biotechnology Aquaculture Company announced that it has terminated its previously announced Merger Agreement with Yotta Acquisition Corporation and its wholly owned subsidiary, Yotta Merger Sub, Inc.

The termination is based on Yotta’s inability to comply with the provision of its Amended and Restated Certificate of Incorporation that prohibits Yotta from consummating an initial business combination unless it has net tangible assets of at least $5,000,001 upon consummation of such initial business combination, in connection with the transactions contemplated with the Merger Agreement, which makes impossible the satisfaction of certain conditions to NaturalShrimp’s obligations to consummate, and the consummation of, such transactions.

“After working on this for almost twelve months, we are naturally disappointed in this news,” stated William Delgado, Chief Financial Officer and Treasurer of NaturalShrimp. “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 up list on similar timing as the previous business combination agreement. That timetable for the up list remains at the end of September-beginning of October. 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.”

The termination is based on Yotta’s inability