Project Sea Dragon, a huge black tiger shrimp farm in northern Australia, has been placed into administration after its key shareholder, Australian shrimp producer Seafarms Group (SFG), announced Tuesday it would discontinue its funding.
"Project Sea Dragon relies on SFG for its funding," read the announcement. "The board of SFG have resolved that it is no longer in the best interests of the company to continue to fund Project Sea Dragon."
It is unclear how the future of the company will play out from here, but Seafarms requested its own stock be suspended from trading on the Australian Stock Exchange until a decision by stakeholders is made.
