Yotta Acquisition Corporation Announces Extension of Combination Period and Additional Contribution to Trust Account to Extend Combination Period

NEW YORK, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Yotta Acquisition Corporation (NASDAQ: YOTA, the “Company”), a special purpose acquisition company, announced today that Yotta Investment LLC, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $1,150,000 (representing $0.10 per share of common stock issued at the Company’s initial public offering), in order to extend the period of time the Company has to complete a business combination for an additional three (3) months period, from January 22, 2023 to April 22, 2023. The Company issued a promissory note to Sponsor in the aggregate principal amount of $575,000. The promissory note bears no interest and matures upon the closing of a business combination by the Company. Pursuant to the terms of the Merger Agreement dated, October 24, 2022 by and among the Company, Yotta Merger Sub, Inc., a Nevada corporation and wholly owned subsidiary of the Company and NaturalShrimp Incorporated, a Nevada corporation (“NaturalShrimp”) paid one-half of the extension fee while the Company paid the other half. The purpose of the extension is to provide time for the Company to complete a business combination.