Blue Star Foods Corp. Announces Reverse Stock Split
20 Junio 2023 - 11:30AM
Blue Star Foods Corp. (NASDAQ:BSFC) (“Blue Star” or the “Company”),
an integrated Environmental, Social, and Governance (ESG)
sustainable seafood company with a focus on Recirculatory
Aquaculture Systems (RAS), announced today it will effectuate a
1-for-20 reverse stock split of its outstanding common stock (the
“Reverse Stock Split”). This will be effective for trading purposes
as of the commencement of trading on June 21, 2023.
The Company's stockholders approved the Reverse
Stock Split at the special meeting of stockholders held on May
10, 2023, at a ratio ranging from 1-for-2 to 1-for-50, with such
ratio and the implementation and timing of such Reverse Stock Split
to be determined by the Company's Board of Directors.
The principal purpose of the Reverse Stock Split
is to decrease the total number of shares of common stock
outstanding and proportionately increase the market price of the
common stock in order to meet the continued listing requirements of
The Nasdaq Capital Market. The Company's common stock will continue
to trade under the symbol "BSFC."
As a result of the Reverse Stock Split, every 20
shares of the Company's common stock issued and outstanding will be
automatically reclassified into one new share of common stock. The
Reverse Stock Split will not modify any rights or preferences of
the shares of the Company's common stock. Proportionate adjustments
will be made to the exercise prices and the number of shares
underlying the Company's outstanding equity awards, convertible
notes, and warrants, as applicable. The common stock issued
pursuant to the Reverse Stock Split will remain fully paid and
non-assessable. The Reverse Stock Split will not affect the number
of authorized shares of common stock or the par value of the common
stock nor will it change the authorized shares of Preferred Stock
or the relative voting power of such holders of our outstanding
common stock.
No fractional shares will be issued in
connection with the Reverse Stock Split. Stockholders who would
otherwise be entitled to receive fractional shares as a result of
the Reverse Stock Split will be entitled to a cash payment in lieu
thereof after the sale on the open market of the aggregated
fractional shares by the exchange agent for the reverse split.
VStock Transfer has been appointed by the
Company to act as its exchange agent for the Reverse Stock Split.
Stockholders owning pre-split shares via a bank, broker or other
nominee will have their positions automatically adjusted to reflect
the Reverse Stock Split and will not be required to take further
action in connection with the Reverse Stock Split, subject to
brokers' particular processes. Similarly, registered stockholders
holding pre-split shares of the Company's common stock
electronically in book-entry form are also not required to take
further action in connection with the Reverse Stock Split. Holders
of certificated shares will be contacted by the Company or its
exchange agent with further details about how to surrender old
certificates.
Additional information about the Reverse Stock
Split can be found in the Company's definitive proxy statement
filed with the Securities and Exchange Commission (the
"SEC") on April 10, 2023, which is available free of charge at
the SEC's website, www.sec.gov, and on the Company's
website at https://bluestarfoods.com
About Blue Star Foods
Corp. (NASDAQ: BSFC)
Blue Star Foods Corp. 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, 2022, 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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