UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported): June 3, 2020
NATURALSHRIMP INCORPORATED
(Exact
name of registrant as specified in its charter)
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Nevada
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000-54030
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74-3262176
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification No.)
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15150 Preston Road, Suite #300
Dallas, Texas 75248
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (888) 791-9474
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
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Title
of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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None
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N/A
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N/A
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b -2 of this
chapter).
Emerging
growth company [ ]
If an
emerging growth company, indicate by checkmark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. [ ]
Item 8.01 Other Events.
On June
3, 2020, NaturalShrimp Incorporated (the “Company”)
issued a shareholder update press release from its Chief Executive
Officer, Gerald Easterling, announcing, among other corporate
updates, that the Company’s insurance company, General Star
Indemnity Company, has settled and paid in full 100% of the
Company’s claims totaling more than $917,000 relating to a
fire that destroyed its plant in La Coste, Texas.
A copy
of that press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K.
Forward-Looking Statements
This
document contains “forward-looking statements” that
involve substantial risks and uncertainties for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical
facts, included in this communication regarding strategy, future
operations, future financial position, prospects, plans and
objectives of management are forward-looking statements. In
addition, when or if used in this communication, the words
“will,” “may,” “would,”
“approximate,” “expect,”
“intend,” and similar expressions and their variants
may identify forward-looking statements. Examples of
forward-looking statements include, but are not limited to,
statements relating to the anticipated timing or results of the
Company’s planned rebuilding and expansion of its La Coste
plant and prospects for financing its business plan. Actual results
could differ materially from those contained in any forward-looking
statement as a result of various factors that could cause actual
events to differ from expectations, including the risk factors
included in the Company’s most recent Annual Report on Form
10-K and other periodic reports filed with the Securities and
Exchange Commission. Except as required by applicable law, the
Company undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
Item 9.01. Financial Statements and Exhibits
The
exhibit listed in the following Exhibit Index is filed as part of
this Current Report on Form 8-K.
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Exhibit
No.
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Description
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Press
Release
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SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated:
June 4, 2020
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NATURALSHRIMP INCORPORATED
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By:
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/s/
Gerald Easterling
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Name:
Gerald Easterling
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Title:
Chief Executive Officer
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Exhibit 99.1
NaturalShrimp, Inc. CEO Issues JUNE 3, 2020 UPDATE Letter to
Shareholders
Dear Fellow Shareholders:
As we previously announced in the April 29, 2020 Press Release, the
Company and the insurance company have been waiting on the final
Fire Marshall’s report that has not been published as of this
week. Upon receipt, the Company will post the report on its
website: https://naturalshrimp.com .
We are excited about all the positive developments for our
Company’s strategic direction. This event did not destroy our
technology or the tremendous business opportunity it provides. It
simply delayed our
timeline.
The Company’s insurance company, General Star Indemnity
Company, has settled and paid in full 100% of our claims which will
be over $917,000. We are happy to announce the Company currently
has over $1.5 million in cash with an additional $2 million equity
investment available through our investment partner, GHS LLP, which
will complete the original $5 million Securities Series B Preferred
Stock Purchase Agreement filed September 2019. Future
company-controlled funding is expected to come from the previously
filed $11 million Equity Financing Agreement as outlined in the
filed October 2019 S-1 Registration Statement. This funding
obviously does not exclude potential funding through future joint
venture relationships.
Over the last 70 days management has diligently analyzed all
possible options to finalize a strong financial go-forward strategy
for the next NaturalShrimp generation shrimp production facilities.
These strategies include time-to-market, patented technologies,
operational systems, environmental impacts, employee safety,
distribution, etc. As previously reported, the Company committed to
reviewing all options including the acquisition and/or leasing of
existing regional production warehouses or any existing seafood
facility that could be quickly adapted to our technology processes
and procedures. The Company has completed its thorough evaluation
of new buildings, seafood production facilities, and the option of
rebuilding in LaCoste. The evaluation process provided two best
options: first, acquisition of an existing seafood grow-out
facility, and second option, building a new pilot plant on our
LaCoste property. The Company identified an existing aquaculture
grow-out facility over the last 60 days and made multiple proposals
to acquire the assets,but was not able to consummate the
acquisition with terms and conditions that would make the purchase
financially viable. During this process, management was
concurrently developing a detailed plan to rebuild in LaCoste.
Today we are happy to announce the Company has committed $2.5
million to rebuild in LaCoste with plans to utilize its existing
infrastructure currently being implemented under the direction of
Tom Untermeyer COO/ CTO.
During these unprecedented times, we will take all steps necessary
to grow our company while protecting the well-being of our
employees, stakeholders, and partners. We hope all our
shareholders maintain their health and safety through this
continued COVID-19 pandemic period as
well.
Let us assure all shareholders that management is committed to
rebuild and evaluate our technology expansion opportunities
throughout 2020 and beyond.
Stay tuned to the website as the Company will continue to keep
everyone updated: https://naturalshrimp.com .
Please remember the new Company mantra:
“SHMP WILL RISE FROM THE ASHES EVEN
STRONGER!”
Sincerely,
Gerald Easterling CEO
ABOUT NATURAL SHRIMP: NaturalShrimp, Inc. is a publicly traded
aqua-tech Company, headquartered in Dallas, with production
facilities located near San Antonio, Texas. The Company has
developed the first commercially viable system for growing shrimp
in enclosed, salt-water systems, using patented technology to
produce fresh, never frozen, naturally grown shrimp, without the
use of antibiotics or toxic
chemicals. NaturalShrimp systems can be located anywhere
in the world to produce gourmet-grade Pacific white
shrimp.
Forward Looking Statements
This press release contains “forward-looking
statements.” The statements contained in this press release
that are not purely historical are forward-looking statements.
Forward-looking statements give the Company’s current
expectations or forecasts of future events. Such statements are
subject to risks and uncertainties that are often difficult to
predict and beyond the Company’s control, and could cause the
Company’s results to differ materially from those described.
In some cases forward-looking statements can be identified by
terminology such as “may,” “should,”
“potential,” “continue,”
“expects,” “anticipates,”
“intends,” “plans,” “believes,”
“estimates,” and similar expressions.
These statements include statements regarding moving forward
with executing the Company’s global growth strategy. The
statements are based upon current beliefs, expectations and
assumptions and are subject to a number of risks and uncertainties,
many of which are difficult to predict. The Company is providing
this information as of the date of this press release and does not
undertake any obligation to update any forward looking statements
contained in this press release as a result of new information,
future events or otherwise, except as required by law. We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends affecting the financial condition of our business.
Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. Important factors that could cause such
differences include, but are not limited to the Risk Factors and
other information set forth in the Company’s Annual Report on
Form 10-K filed on June 29, 2019, and in our other
filings with the U.S. Securities and Exchange Commission.
Contact:
Paul Knopick
Pknopick@eandecommunications.com
940.262.3584