Current Report Filing (8-k)
May 22 2023 - 5:29PM
Edgar (US Regulatory)
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2023-05-22
2023-05-22
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): |
|
May
22, 2023 (May 17, 2023) |
BLUE
STAR FOODS CORP.
(Exact
name of registrant as specified in charter)
Delaware |
|
001-40991 |
|
82-4270040 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
(IRS
Employer
Identification
No.) |
3000
NW 109th Avenue
Miami,
Florida |
|
33172 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: |
|
(305)
836-6858 |
N/A |
(Former
name or former address, if changed since last report) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value |
|
BSFC |
|
The
Nasdaq Stock Market LLC
(Nasdaq
Capital Market) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
May 17, 2023, Blue Star Foods Corp. (the “Company”) received a letter from the Listing Qualifications Staff (the “Staff”)
of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company has not regained compliance with the minimum bid price
requirement in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) for continued listing on The Nasdaq Capital
Market and is not eligible for a second 180 day period to regain compliance with the Minimum Bid Price Requirement. Accordingly, unless
the Company timely requests an appeal of this determination before the Nasdaq Hearings Panel (the “Panel”), the Company’s
securities will be scheduled for delisting from The Nasdaq Capital Market and will be suspending at the opening of business on May 26,
2023.
On
May 22, 2023, the Company requested
a hearing before the Panel, at which hearing
the Company will provide its plan to regain compliance with the Minimum Bid Price Requirement. The Company’s request for a hearing
will stay any suspension or delisting action by Nasdaq pending the Panel’s final decision.
On
May 10, 2023, the Company held a special meeting of stockholders at which the Company’s stockholders approved the adoption and
approval of an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of
the shares of the Company’s common stock at a specific ratio, ranging from one-for-two (1:2) to one-for-fifty (1:50), with the
exact ratio to be determined by the Company’s board of directors without further approval or authorization of the Company’s
stockholders, in order to regain compliance with the Minimum
Bid Price Requirement.
As
previously disclosed, the Staff’s determination follows the receipt by the Company of a deficiency notice from the Staff on November
17, 2022, indicating that based upon the closing bid price of the Company’s common stock for the prior 30 consecutive business
days, the Company was not in compliance with the Minimum Bid Price Requirement. In accordance with Nasdaq Listing Rule 5810(c)(3)(A),
the Company was provided a grace period of 180 days, or until May 16, 2023, to regain compliance with the Minimum Bid Price Requirement.
However, as disclosed above, the Company did not regain compliance with the Minimum Bid Price Requirement by May 16, 2023.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
May 22, 2023
|
BLUE
STAR FOODS CORP. |
|
|
|
By: |
/s/
John Keeler |
|
|
John
Keeler |
|
|
Executive
Chairman and Chief Executive Officer |
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