Blue Star Foods Closes $1.8 Million Underwritten Public Offering of Common Stock
February 14 2023 - 9:45AM
Blue Star Foods Corp., (NASDAQ:BSFC) (the "Company" ), an
integrated Environmental, Social, and Governance (ESG) sustainable
seafood company with a focus on Recirculatory Aquaculture Systems
(RAS), announced the closing of an underwritten public offering
with gross proceeds to the Company of approximately $1.8 million,
before deducting underwriting discounts and other estimated
expenses payable by the Company. The offering consisted of
9,000,000 shares of common stock and pre-funded warrants to
purchase common stock (the "Offering") at a price of $0.20 per
share (or $0.199 per pre-funded warrant after reducing $0.001
attributable to the exercise price of the pre-funded warrants). The
Company intends to use the net proceeds from this Offering for
general corporate purposes, including working capital, operating
expenses, and capital expenditures. The Company may also use a
portion of the net proceeds to acquire or make investments in
businesses, products, and offerings, although they do not have
agreements or commitments for any material acquisitions or
investments at this time.
Aegis Capital Corp. acted
as the sole book-running manager for the
offering.
This offering was made pursuant to an effective
shelf registration statement on Form S-3 (No. 333-268564)
previously filed with the U.S. Securities and Exchange Commission
(the "SEC") and declared effective by the SEC on December 6, 2022.
A final prospectus supplement and accompanying prospectus
(collectively, the "Prospectus") describing the terms of the
offering was filed with the SEC and is available on the SEC's
website located at http://www.sec.gov. Electronic copies of the
Prospectus may be obtained by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by email at syndicate@aegiscap.com, or
by telephone at (212) 813-1010.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sales of the securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Blue Star Foods Corp. (NASDAQ: BSFC)
Blue Star Foods Corp. is an integrated
Environmental, Social, and Governance (ESG) sustainable seafood
company with a focus on Recirculatory Aquaculture Systems (RAS)
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 Recirculating Aquaculture System (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. 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. 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, 2021, and other periodic and current
reports filed with the Securities and Exchange Commission. The
Company is under no obligation to, 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
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