Yotta Acquisition said its sponsor deposited $1.15 million (10 ents a share) into trust for a merger extension to April 22.
The SPAC issued a promissory note to its sponsor for $575,000. The promissory note bears no interest and matures upon the closing of a business combination. Under terms of the SPAC’s merger agreement with seafood company NaturalShrimp, Yotta Merger Sub and NaturalShrimp paid one-half of the extension fee while the SPAC paid the other half.
Announced in October, the $275 million NaturalShrimp deal, the target would receive $175 in stock, plus another $100 million in stock if the combined company hits certain revenue targets over the next two years. Read more.
Source: Yotta Acquisition Secures Extension on NaturalShrimp Deal