The tru Shrimp Companies, an early-stage producer of premium shrimp and biopolymers, withdrew its plans for an initial public offering on Friday. It had filed to raise $15 million by offering 1.5 million units at a price range of $9 to $11, with each unit containing one share of common stock and one warrant, exercisable at the offer price. It had not updated its prospectus since postponing its IPO in February.
Because the company had planned to offer units with warrants attached, tru Shrimp Co. will be excluded from Renaissance Capital's 2022 IPO stats.
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.
The Balaton, MN-based company was founded in 2014 and had planned to list on the Nasdaq under the symbol BTRU. Lake Street Capital Markets and Maxim Group LLC were set to be the joint bookrunners on the deal.
