Texas-based recirculating aquaculture system (RAS) shrimp farmer Natural Shrimp on Aug. 25 provided new details about its failed merger with Yotta Acquisition Corporation and its subsidiary, Yotta Merger Sub, and the company's future.

"This agreement was intended to result in the company’s ultimate goal of uplisting to Nasdaq," wrote Gerald Easterling, CEO of Natural Shrimp, in a letter to shareholders.

The agreement was terminated in July because of Yotta's inability to comply with a provision of the deal that requires net tangible assets of at least $5 million (€4.5