One stock back making interesting moves is NaturalShrimp Inc (OTCMKTS:SHMP). To help further develop the story, the company just announced that it has signed a Letter of Intent (LOI) to acquire the assets of Alder Aqua, formerly known as VeroBlue Farms in Webster City, Iowa, including but not limited to the real property, equipment, tanks, rolling stock, inventory, permits, contracts, customer lists and contracts and other such assets used in the operation of the Business.
According to the release, the purchase price will be $10,000,000, consisting of a $5,000,000 down payment, and notes due in 36 and 48 months. The acquisition is subject to successful due diligence by NaturalShrimp and is expected to close in the fourth quarter of 2020. Additionally, the facilities located in Blairsburg, Iowa and Buckeye, Iowa are included in this transaction. The transaction is also subject to completion of the offering previously announced in the filed 8K.
NaturalShrimp Inc (OTCMKTS:SHMP) bills itself as a global shrimp farming company that is developing a technology to produce fresh, gourmet-grade shrimp reliably and economically in an indoor, re-circulating, saltwater facility.
Its eco-friendly, bio-secure design does not rely on ocean water, but rather recreates the natural ocean environment allowing for high-density production which can be replicated anywhere in the world.
The company was founded in 2001 and is based in Dallas, Texas.
According to the release, “NaturalShrimp, Inc. (OTCQB: SHMP) is a publicly traded agro-technology company headquartered in Dallas, Texas with production facilities located near San Antonio in LaCoste, Texas. The Company has developed the first commercially viable system for growing shrimp indoors using patented technology that produce fresh, never-frozen, naturally grown shrimp without the use of antibiotics or toxic chemicals. NaturalShrimp systems are self-contained, saltwater production facilities that can be located anywhere in the world to produce gourmet-grade Pacific White Shrimp.”
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As noted above, SHMP just announced that it has signed a Letter of Intent (LOI) to acquire the assets of Alder Aqua, formerly known as VeroBlue Farms in Webster City, Iowa, including but not limited to the real property, equipment, tanks, rolling stock, inventory, permits, contracts, customer lists and contracts and other such assets used in the operation of the Business.
Recent action has seen 66% added to share values of the listing over the past month of action. Furthermore, the name has seen interest climb, with an increase in recent trading volume of above 170% beyond what we have been seeing over the larger time frame.
Gerald Easterling, CEO of NaturalShrimp, commented, “The NaturalShrimp team has been working with employees and consultants of VeroBlue Farms since the second quarter of 2018. Although the facility was originally designed for Barramundi, it complements our RAS technology for shrimp, making our Company poised for expansion in the future. We have been thoroughly impressed with the modern facilities and the state-of-the-art equipment deployed there. We are very excited to meld our equipment to make this the preeminent RAS facility in the United States.”
Now commanding a market cap of $38M, SHMP has a stash ($109K) of cash on the books, which stands against about $4.8M in total current liabilities. The company is pre-revenue at this point. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $SHMP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $SHMP, either long or short, and we have not been compensated for this article.