Yotta Acquisition Corp. (NASDAQ:YOTA) announced this afternoon that NaturalShrimp (OTCQB:SHMP) has terminated its business combination with the SPAC.
On July 20, NaturalShrimp officially notified Yotta of its termination of the merger agreement. The termination is a result of the SPAC’s breach of certain representations in the agreement, making it impossible to fulfill certain conditions required to complete the transactions specified in the agreement.
Specifically, NaturalShrimp claims that Yotta’s inability to comply with the provision in its Amended and Restated Certificate of Incorporation, which mandates the possession of net tangible assets amounting to at least $5,000,001 upon consummation of the initial business combination, conflicts with the SPAC’s representation in the agreement that its actions will not contradict its organizational documents.
Additionally, NaturalShrimp cited delays in the SEC registration process. The SPAC was obligated to use its reasonable best efforts to execute all necessary actions to complete the transactions specified in the merger agreement.
Yotta inked its $275 million deal with NaturalShrimp in October 2022. Dallas-based NaturalShrimp is developing a series of land-based shrimp farms to supply the US food service market.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...