Tru Shrimp Withdraws IPO, Cites Market Conditions

Dow Jones2022-12-09

By Kathryn Hardison

Tru Shrimp Cos. has withdrawn its initial public offering after postponing its plans earlier this year.

The early-stage seafood and biopolymer production company has decided to not proceed with the IPO due to adverse market conditions, it said in a Friday filing with the Securities and Exchange Commission.

Tru Shrimp in early February said it planned to sell 1.5 million equity units at between $9 and $11 apiece for net proceeds of about $12.5 million. At the time, the company said it was working to develop and commercialize a scalable, shallow-water indoor aquaculture technology platform.

But shortly after the initial filing, Tru Shrimp said it would postpone the offering, similarly citing difficult market conditions at the time.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

December 09, 2022 16:20 ET (21:20 GMT)

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