Miami, FL, May 15, 2024 (GLOBE NEWSWIRE) — Blue Star Foods Corp., (NASDAQ: BSFC), an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS), today announced that it will effect a 1-for-50 reverse stock split (“Reverse Stock Split”) of its authorized and issued and outstanding shares of Class A common stock, par value $0.0001 per share (“Common Stock”). The Reverse Stock Split will become effective at 12:01am, Eastern Time, on May 20, 2024. At such time, each 50 shares of issued and outstanding Common Stock will automatically be reclassified into one new share of Common Stock. The total number of shares of Common Stock authorized for issuance will remain at 100,000,000 shares. Proportional adjustments will be made to outstanding equity awards, warrants and convertible notes, and to the number of shares issued and issuable under the Company’s stock incentive plans and certain existing agreements. No fractional shares will be issued in connection with the Reverse Stock Split. All fractional shares will be rounded up. The Reverse Stock Split will affect all common stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity.
Blue Star’s Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol “BSFC” and will begin trading on a split-adjusted basis when the market opens on May 20, 2024. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 09606H309.
The Reverse Stock Split is primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement in order to maintain its listing on Nasdaq. There is no guarantee the Company will meet the minimum bid price requirement.
The Company’s board of directors approved a reverse stock split of 1- for-50 shares at their May 7, 2024 board meeting. The Company’s shareholders approved a reverse stock split of up to 1- for-50 shares on April 30, 2024.
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
