This dish is a happy-hour favorite. Keep it lean by baking instead of frying the shrimp. Stand them upright on the baking sheet so they brown and cook evenly—and so you don’t have to worry about turning them.
To prepare sauce, place all sauce ingredients in a food processor; pulse 3 times or to desired consistency. Transfer to a serving bowl.
To prepare shrimp, peel and devein shrimp, leaving tails intact. Combine flour, salt, and red pepper in a large zip-top plastic bag. Combine egg whites and 2 tablespoons water in a shallow dish, stirring with a whisk. Combine panko, coconut, and oil in a separate shallow dish.
Place shrimp in zip-top plastic bag; seal and shake to coat. Dip shrimp in egg white mixture; dredge in coconut mixture. Stand coated shrimp on their ends on a wire rack coated with cooking spray set on a baking sheet.
Bake at 375° for 12 minutes or until shrimp are done. Serve with sauce.