Blue Star Foods Announces Pricing of $5 Million Public Offering
07 Septembre 2023 - 3:20PM
Blue Star Foods Corp., (“Blue Star,” the “Company,” “we,” “our” or
“us”) (NASDAQ: BSFC), today announced the pricing of its
public offering of an aggregate of 10,741,139 shares of its common
stock (or common stock equivalents), together with accompanying
common stock warrants, at a public offering price of $0.4655 per
share (or common stock equivalent) and accompanying warrants. Each
share of common stock (or common stock equivalent) is being offered
in the offering together with a Series A-1 warrant to purchase one
share of common stock at an exercise price of $0.4655 per share and
a Series A-2 warrant to purchase one share of common stock at an
exercise price of $0.4655 per share. The Series A-1 warrants will
be exercisable beginning on the effective date of stockholder
approval of the issuance of the shares issuable upon exercise of
the warrants and will expire five years thereafter, and the Series
A-2 warrants will be exercisable beginning on the effective date of
stockholder approval of the issuance of the shares issuable upon
exercise of the warrants and will expire eighteen months
thereafter. Total gross proceeds from the offering, before
deducting the placement agent's fees and other offering expenses,
are expected to be approximately $5 million.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The closing of the offering is expected to occur
on or about September 11, 2023, subject to the satisfaction of
customary closing conditions. The Company intends to use the net
proceeds from this offering for general corporate purposes and
repayment of certain outstanding debt.
The securities described above are being offered
pursuant to a registration statement on Form S-1 (File No.
333-273525), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on September 7, 2023. The offering
is being made only by means of a prospectus forming part of the
effective registration statement relating to the offering. A
preliminary prospectus relating to the offering has been filed with
the SEC and is available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus, when
available, may be obtained on the SEC’s website at
http://www.sec.gov and may also be obtained by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Blue Star Foods Corp. (NASDAQ:
BSFC)
Blue Star Foods Corp. is an integrated ESG
seafood company that processes, packages and sells high-value
seafood products. The Company believes it utilizes best-in-class
technology, in both resource sustainability management and
traceability, and ecological packaging. The Company also owns and
operates the oldest continuously operating RAS full grow-out salmon
farm in North America. The Company is based in Miami, Florida, and
its corporate website is: https://bluestarfoods.com.
Forward-Looking Statements:
The foregoing material may contain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, each as amended. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, including without limitation statements regarding
the Company’s product development and business prospects, and can
be identified by the use of words such as “may,” “will,” “expect,”
“project,” “estimate,” “anticipate,” “plan,” “believe,”
“potential,” “should,” “continue” or the negative versions of those
words or other comparable words, and include, among other things,
statements relating the anticipated use of proceeds from the
offering, the receipt of shareholder approval under Nasdaq rules in
connection with the warrants and the anticipated closing of the
offering. Forward-looking statements are not guarantees of future
actions or performance. These forward-looking statements are based
on information currently available to the Company and its current
plans or expectations and are subject to a number of risks and
uncertainties that could significantly affect current plans,
including market and other conditions. Risks concerning the
Company’s business are described in detail in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022, and other
periodic and current reports filed with the Securities and Exchange
Commission. The Company is under no obligation, and expressly
disclaims any such obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contacts:
Investors@bluestarfoods.com
Blue Star Foods (NASDAQ:BSFC)
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