tru Shrimp Companies, Inc.

General Information

(Note: The tru Shrimp Companies, Inc., withdrew its IPO plans in an SEC filing dated Dec. 9, 2022. The tru Shrimp Companies, Inc., postponed its IPO on Feb. 10, 2022, due to adverse market conditions; the small-cap unit IPO had been tentatively scheduled for pricing after the close on Thursday, Feb. 10, 2022, to trade Friday, Feb.11.)

We are an early-stage seafood and biopolymer production company pioneering the development and commercialization of a scalable, shallow-water indoor aquaculture technology platform. To date, we have focused nearly exclusively on research and development and now intend to commercialize our technology platform. We expect to become one of the premier domestic producers of premium positioned shrimp and one of the few domestic FDA-registered at-scale producers of chitosan and subsequent chitosan derivatives, which we expect to be produced using Good Manufacturing Practices, or GMP, and to meet or exceed the reference standards set forth in the official chitosan monograph published by the United States Pharmacopeia – National Formulary, or USP-NF. We expect to market USP-grade chitosan and chitosan derivatives to the biomedical, pharmaceutical, dermatology and high-end consumer cosmetic markets. Our extensive research, development and optimization has led to a technology platform that enables us to produce shrimp and shrimp exoskeleton material at scale in a traceable, safe, and documented sustainable manner. The shrimp exoskeleton materials represent a key raw material used in the production of chitosan and chitosan derivatives.

We invested approximately $11 million to develop and build Balaton Bay Reef, a pilot production facility commissioned in August 2018. Utilizing our shallow-water indoor aquaculture platform, which we refer to as Tidal Basin Technology, Balaton Bay Reef has produced shrimp and shrimp exoskeleton material confirming the technology, engineering, and processes necessary to commercially scale-up shrimp and shrimp exoskeleton material production in a controlled environment. We expect to construct our first commercial production facility, Madison Bay Harbor, in Madison, South Dakota. Based on management’s estimates and production data from Balaton Bay Reef, we expect it will have the capacity to annually produce up to approximately 1,300,000 pounds of unprocessed head-on/shell-on shrimp, or HOSO shrimp, which we expect will result in approximately 790,000 pounds of processed shrimp and provide shrimp exoskeleton material for up to approximately 2,800 kilograms of chitosan and/or chitosan derivatives. We have entered into an agreement with Parimer Scientific, a contract manufacturing organization, or CMO, to develop private label USP-grade chitosan products from our exoskeleton material and to develop the processes, procedures and equipment necessary for commercial manufacturing of such products. Upon successful completion of this development phase, we intend to enter into a manufacturing agreement with Parimer for commercial production of such products.

Industry: Shrimp production
Employees: 35
Founded: 2014
Contact Information
Address 330 Third Street Balaton, MN 56115
Phone Number (844) 220-7574
Web Address
View Prospectus: tru Shrimp Companies, Inc.
Financial Information
Market Cap $139.7mil
Revenues $0 mil (last 12 months)
Net Income $-10.1 mil (last 12 months)
IPO Profile
Symbol BTRU
Exchange NASDAQ
Shares (millions): 1.5
Price range $9.00 - $11.00
Est. $ Volume $15.0 mil
Manager / Joint Managers Lake Street Capital Markets/ Maxim Group
CO-Managers -
Expected To Trade: 2/11/2022
Status: Withdrawn
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
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