Texas-based recirculating aquaculture system (RAS) shrimp farmer Natural Shrimp said it has terminated its merger with Yotta Acquisition Corporation and its subsidiary, Yotta Merger Sub, 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 million) upon consummation of merger.
In October, NaturalShrimp was acquired by special purpose acquisition company (SPAC) Yotta. A SPAC is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.
