NaturalShrimp files listing application with NASDAQ
NaturalShrimp, the Dallas, Texas-based company developing a commercial-scale shrimp recirculating aquaculture system (RAS) – announced that it is aiming to have its stock listed on the NASDAQ Capital Market.
The announcement coincided with the company filing its initial supplication to NASDAQ. NaturalShrimp has had an eventful year, starting with a fire in March that destroyed its production plant, with the company vowing to rebuild soon afterwards.
That announcement was followed up by the company announcing its plan to expand its facilities to double the size of its operations. Then, earlier this summer, the company agreed to purchase F&T Water Solution LLC’s assets for USD 10 million (EUR 8.4 million). F&T is a Florida-based company that provides electrocoagulation technology for wastewater treatment.
Most recently the company agreed to buy former VeroBlue aquaculture equipment, also for USD 10 million (EUR 8.4 million). VeroBlue raised barramundi in Iowa, and NaturalShrimp has acquired all assets, including tanks, rolling stock, inventory, permits, customer lists, and contracts.
“The company has been working tirelessly to complete all of the necessary steps to successfully meet the requirements for listing on the NASDAQ,” NaturalShrimp CFO William Delgado said. “If approved, upon meeting all the listing criteria, we feel this move will provide the company the proper exposure to help broaden our shareholder base and increase appeal to institutional investors, ETFs, and indexes. Through our potential purchase of Vero Blue and F&T, we believe our business model design provides us a path towards profitability.”
NASDAQ has to approve the application before the company’s common stock can be listed, but the company said it is “continuing to make strides in meeting the listing criteria in the near future.”
“We believe NaturalShrimp is at an inflection point where the company can grow exponentially,” NaturalShrimp CEO Gerald Easterling said. “NaturalShrimp has been a pioneer and innovator in the aquaculture industry for two decades, and uplisting to the NASDAQ would help validate our continued drive to become a leader within the aquatech space.”