Tru Shrimp files for IPO under ‘BTRU’

MARSHALL — A southwest Minnesota shrimp producer is planning to go public this year.

On Wednesday, Balaton-based tru Shrimp announced it has filed a registration statement with the Securities and Exchange Commission to offer public stock.

The news comes as tru Shrimp’s efforts continue to open its first commercial facility in Madison, S.D.

This week’s announcement doesn’t mean that tru Shrimp stock is available to buy just yet. A news release said the number of shares that will be offered and their price range haven’t yet been determined. Tru Shrimp has applied to list its stock on the Nasdaq under the ticker symbol “BTRU,” the release said.

Since 2014, tru Shrimp has been developing plans to raise shrimp indoors at a commercial scale. The process was made possible through the development of “tidal basins,” a new shallow-water aquaculture system. A pilot facility in Balaton was completed in 2018.

Over the past few years, tru Shrimp has attempted to get a commercial facility up and running. The company first planned to build a facility in Luverne, but in 2019 announced they would be building their first production center in Madison, South Dakota instead. Before the COVID-19 pandemic struck, company spokespeople said tru Shrimp was focused on raising capital to build the Madison facility.

Tru Shrimp plans to break ground on the Madison facility this year, pending financing, the Minneapolis Star Tribune reported this week.

Besides raising premium seafood, tru Shrimp also plans to use waste like shrimp shells and heads for other products. They produce both pet food ingredients and chitosan, a material made from shrimp shells that can be used for medical applications.


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