Blue Star Foods Moves its Listing to OTC Markets under its current symbol BSFC
Rhea-AI Summary
Blue Star Foods Corp. (NASDAQ: BSFC) announced its delisting from Nasdaq due to violation of the Minimum Bid Price Requirement. The company will begin trading on OTC Markets on Friday, December 20, 2024. The company opted not to appeal the delisting decision, citing potential benefits including lower public company costs and elimination of immediate reverse split requirements. CEO John Keeler emphasized that the delisting does not reflect operational performance, stating the company has returned to revenue growth with a strong cash position. Blue Star plans to apply for listing on the OTCQB as soon as practicable.
Positive
- Company reports return to revenue growth
- Strong cash position reported
- Expected reduction in public company costs through OTC listing
- No immediate need for reverse stock split
Negative
- Delisting from Nasdaq due to minimum bid price requirement violation
- Downgrade to less prestigious OTC Markets trading venue
News Market Reaction
On the day this news was published, BSFC declined 48.21%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Will Commence Trading on OTC Markets on Friday, December 20
Miami, FL, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., (“Blue Star,” the “Company,” “we,” “our” or “us”) (NASDAQ: BSFC), an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS), today announced that it received formal notice from The Nasdaq Stock Market LLC that its securities will be delisted from Nasdaq. The Company has decided not to appeal its delisting determination, which was based on the Company’s violation of Listing Rule 5550(a)(2), the “Minimum Bid Price Requirement” and will begin trading on OTC Markets on Friday, December 20.
John Keeler, Chairman and CEO of Blue Star Foods, commented, “this by no means has any reflection on our operations, nothing has changed and we have returned to revenue growth and our current cash position is in a very good place.”
Keeler, continued, “in deciding to not appeal the Nasdaq delisting notice, we realized some positives by listing in OTC Markets:
- Lowers our public company costs
- No immediate plans for reverse split as no longer needed to comply with Nasdaq listing standards
- We intend to apply to list our securities on the OTCQB as soon as practicable.
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, 2023, 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
FAQ
When will BSFC stock start trading on OTC Markets?
Why is Blue Star Foods being delisted from Nasdaq?
What are the benefits of BSFC moving to OTC Markets?
Which OTC Market tier is BSFC planning to list on?
How will the Nasdaq delisting affect BSFC's operations?
