Tru Shrimp Cos. has withdrawn its initial public offering after postponing its plans earlier this year.
The early-stage seafood and biopolymer production company has decided to not proceed with the IPO due to adverse market conditions, it said in a Friday filing with the Securities and Exchange Commission.
Tru Shrimp in early February said it planned to sell 1.5 million equity units at between $9 and $11 apiece for net proceeds of about $12.5 million. At the time, the company said it was working to develop and commercialize a scalable, shallow-water indoor aquaculture technology platform.
But shortly after the initial filing, Tru Shrimp said it would postpone the offering, similarly citing difficult market conditions at the time.