Legal Proceedings
−Removed: September 4, 2024, Streeterville Capital, LLC, a Utah limited liability company, and Bucktown Capital, LLC, a Utah limited liability
−Removed: company (collectively, “Lenders”), filed a Verified Emergency Motion for Appointment of Receiver (the “Motion”)
−Removed: under Civil Case No.
−Removed: 240907138 (the “Receivership Case”), in the District Court of Salt Lake County, Utah (the “Utah
−Removed: State Court”), against NaturalShrimp, Inc.
−Removed: (“NaturalShrimp”), a Nevada corporation.
−Removed: Motion alleges, among other things, that NaturalShrimp has defaulted under the terms of its loan agreements with Lenders.
−Removed: sought the appointment of a Receiver to immediately take control of NaturalShrimp’s assets to preserve same.
−Removed: order was entered ex parte by the Utah State Court in the Receivership Case on September 9, 2024 granting the relief requested by Lenders.
−Removed: The Utah State Court duly appointed Amplēo Turnaround and Restructuring, LLC (the “Receiver”) as the receiver over
−Removed: NaturalShrip’s assets.
−Removed: The Utah State Court’s order further scheduled a hearing to be held on September 17, 2024, on a preliminary
−Removed: injunction to address issues raised in the Motion.
−Removed: November 20, 2024, Lenders, NaturalShrimp, NaturalShrimp USA Corporation (“NaturalShrimp USA”), NaturalShrimp Global, Inc.
−Removed: (“NaturalShrimp Global”), and Natural Aquatic Systems, Inc.
−Removed: (“Natural Aquatic”) (collectively, the “Receivership
−Removed: Entities”) filed a Verified Amended and Stipulated Emergency Motion for Immediate Appointment of a Receiver (the “Stipulated
−Removed: Motion”) in the Receivership Case.
−Removed: November 22, 2024, the Utah State Court entered an order granting the Stipulated Motion and appointed Receiver as the receiver over the
−Removed: assets of NaturalShrimp USA NaturalShrimp Global, and Natural Aquatic Systems pursuant to an amended receivership order (the “Amended
−Removed: Receivership Order”).
−Removed: Under the Amended Receivership Order, the Receiver is the receiver over the Receivership Entities’
−Removed: February 11, 2025, the Receiver filed a Motion for Approval to Sell Substantially all of the Receivership Entities’ Assets to
−Removed: Streeterville Captial, LLC and Bucktown Captial, LLC (or Their Designees) or Any Other Party With a Higher and Better Offer Free and
−Removed: Clear of All Liens, Interests, Claims, and Encumbrances (the “Sale Motion”) in the Receivership Case.
−Removed: The Sale Motion
−Removed: seeks the Utah State Court’s approval for the Receiver to sell substantially all of the Receivership Entities’ assets free
−Removed: and clear of all liens, interests, claims, and encumbrances to Streeterville and Bucktown Capital, through their designated entities,
−Removed: NaturalShrimp Farms, Inc.
−Removed: (“NV Purchaser”), a Nevada corporation, Iowa Shrimp Holdings, LLC (“IA Purchaser”),
−Removed: an Iowa limited liability company, Texas Shrimp Holdings, LLC (“TX Purchaser” or together with NV Purchaser and IA Purchaser,
−Removed: the “Purchasers”), a Texas limited liability company, for a roughly $35,703,789.87 credit bid (based on a secured and administrative
−Removed: claim basis) and $100,000 cash, pursuant to the terms and conditions set forth in that certain Asset Purchase Agreement (“APA”)
−Removed: between Trustee and Purchasers.
−Removed: The order to sell the assets was approved on March 30, 2025 and the title to the assets was transferred
−Removed: to the lenders on May 14, 2025.
−Removed: As part of the sale, the Company transferred its ownership rights to its fixed assets, patents and license
−Removed: agreements (total balance of $24.7 million as of December 31, 2024) in exchange for the extinguishment of its outstanding debt to Streeterville
−Removed: and Buckstown Capital ($31.2 million as of December 30, 2024).
+Added: the company is currently in the process of trying to settle its remaining outstanding debts it was not involved in any legal proceedings
+Added: as of the date of the filing.
+Added: Further, the outstanding legal proceeding with Streeterville and Buckstown was considered settled upon
+Added: the transfer of its assets to those entities in settlement of its outstanding debt.
a smaller reporting Company (“SRC”) we are not required to provide this information.
+Added: Unregistered Sales of Equity Securities and Use Of Proceeds
+Added: Defaults upon Senior Securities
+Added: Mine Safety Disclosures
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.