Tru Shrimp delays IPO, cites market conditions
Feb. 10, 2022
Less than a month after launching its initial public offering process, Minnesota-based Tru Shrimp is putting it on hold.
The shrimp aquaculture company made the decision “based on adverse market conditions and will continue to evaluate the timing for the proposed offering,” the company said in a statement.
In an SEC filing, Tru Shrimp had said the plan was to offer 1.5 million shares of common stock priced between $9 and $11 per share.
Tru Shrimp has a pilot-scale facility in Balaton, Minnesota, which it commissioned in 2018 and has been producing shrimp.
The company started as part of Marshall, Minnesota-based Ralco Nutrition. It had announced plans to build a $90 million production facility in Madison. At the time the IPO was announced, Tru Shrimp said the hope was to break ground this year.
