Biotechnology aquaculture company NaturalShrimp Inc (OTCMKTS:SHMP) is currently best known for having developed Recirculating Aquaculture System that is meant for commercial shrimp operations.
Trading Data
On Tuesday, SHMP stock ended lower by 1.27% to $0.3110 with more than 873k shares, compared to its average volume of 1.56 million shares. The stock has moved within a range of $0.3051 – 0.3250 after opening trade at $0.31.
NaturalShrimp Closes $15.0 Million Securities Purchase Agreement
However, at the same time, it should be noted that the innovative company has seen its stock perform poorly in the past week and has recorded a decline of as much as 18% in the past week. Yesterday, the company was in the news as well after it announced that back on December 15, 2021 it had sold a 12% promissory note to Streeterville Capital LLC as part of a private placement.
The transaction was completed for an aggregate sum of as much as $16320000. However, at the same time, it should be noted that the fees for placement agents and other expenses are going to be deducted from it as well.
The sum of money that was generated by NaturalShrimp is expected to be used by the company for expanding its production capabilities in the states of Iowa and Texas. It was a significant announcement from the company and it now remains to be seen if investors are happy about its plans with regards to how it intends to deploy the proceeds.
Key Quote
“We are pleased to partner with Streeterville on this transaction to provide us additional flexibility and capital as we continue to scale our natural live shrimp production,” said Gerald Easterling, CEO of NaturalShrimp.
Technical Data
SHMP stock is trading below the 20-Day and 50-Day Moving averages of $0.33 and $0.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.43. The stock is down 18% in the past month.
