SHMP provides updates to its expansion plans as it targets the Las Vegas market for its indoor, farmed shrimp. The company began its first deliveries to Gulf Seafood in November and has been ramping up production at both its Texas and Iowa facilities. The company also pointed to demand increases in small to midsize shrimp as advantageous for the company as shorter grow times would be required.
The company's announcement that it is planning on the expanding into the Las Vegas market seems to have bolstered the stock by 8% upon the news hitting the market. SHMP looks to continue to hit its milestones as it builds out indoor shrimp farms using its proprietary RAS (Recirculating Aquaculture System) technology. Key future events to focus on include the successful completion of the 25,000 lbs. of shrimp to Gulf Seafood. Soccussefully completing this contract and renewal of the sales agreement with be a good indicator of product quality, validating the technology on a larger scale.
Stephen Alexander of Gulf Seafood, Inc. quote from the press release., "Gulf Seafood has been excited to participate in the trial with NaturalShrimp to build, test and launch a system to package live shrimp in both Webster City and La Coste. NaturalShrimp has expedited the build of the packaging system which has allowed us to test and offer several customers multiple commercial deliveries. After receiving positive customer feedback, we expect to continue live shrimp deliveries and rapidly grow quantities of live shrimp sales in 2022.The company has expressed its desire to in listed on the NASDAQ and developments on this front will be closely watched. The press release can be found here
We will continue to keep a close eye on any upcoming capital raises and will take any licensing deals as very bullish.
Recommendation Accumulate Stock Long-term Investment Horizon
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Well over $1 Billion by 2028
