The tru Shrimp Companies, an early-stage producer of shrimp and biopolymers, announced terms for its IPO on Wednesday.
The Balaton, MN-based company plans to raise $15 million by offering 1.5 million units at a price range of $9 to $11. Each unit consists of one share of common stock and one warrant, exercisable at the offer price. At the midpoint of the proposed range, The tru Shrimp Companies would command a market value of $140 million.
Because tru Shrimp is offering units, it will be excluded from Renaissance Capital's IPO stats and screens.
The company believes that its patented Tidal Basin Technology results in greater shrimp yields. In addition to the premium food and pet food markets, the company plans to become one of the only domestic FDA-registered at-scale producers of chitosan, a biopolymer made from the exoskeleton of shellfish that is used in the biomedical, pharmaceutical, and beauty industries. tru Shrimp Co. has not yet produced commercial revenue, but plans to break ground on a commercial production facility in Madison, South Dakota in 2022.
The tru Shrimp Companies was founded in 2014 and plans to list on the Nasdaq under the symbol BTRU. Lake Street Capital Markets and Maxim Group LLC are the joint bookrunners on the deal. It is expected to price during the week of February 7, 2022.
