Blue Star Foods Stock Price, News & Analysis

Aegis Capital Corp. has successfully completed a $1.8 million underwritten public offering for Blue Star Foods Corp. (NASDAQ:BSFC). The offering positions the company to enhance its operations within the sustainable seafood sector, particularly through its focus on Recirculatory Aquaculture Systems (RAS). Blue Star Foods operates the oldest continuous RAS salmon farm in North America, emphasizing environmental sustainability and traceability. This financing may support growth and expand its product offerings in the growing sustainable seafood market.

Blue Star Foods Corp. (NASDAQ:BSFC) announced the closing of a public offering, generating approximately $1.8 million in gross proceeds. The offering involved 9,000,000 shares of common stock priced at $0.20 per share. The funds raised will be utilized for general corporate purposes, including working capital and operating expenses, with potential investments in other businesses. The offering was conducted under an effective shelf registration statement with the SEC. Aegis Capital Corp. served as the sole book-running manager.

Blue Star Foods Corp. (NASDAQ:BSFC) has announced a public offering of 9,000,000 shares of common stock and pre-funded warrants, expected to raise approximately $1.8 million before expenses. The shares are priced at $0.20 each, with a potential increase to $2.0 million if an over-allotment option is fully exercised. Proceeds will support general corporate purposes including working capital and capital expenditures, while no definitive acquisition agreements are in place. The offering is scheduled to close on February 14, 2023, contingent on customary closing conditions.

Blue Star Foods Corp (BSFC) has entered a service agreement with ShareIntel to combat illegal short selling activities affecting its stock. Utilizing ShareIntel's patented DRIL-Down™ process, the company aims to monitor and analyze trading patterns to identify suspicious activities and protect shareholder interests. CEO John Keeler expressed concerns over potential market manipulation and emphasized the company's commitment to investigating these allegations. Blue Star Foods focuses on sustainable seafood through Recirculatory Aquaculture Systems (RAS) and operates the oldest continuous RAS salmon farm in North America.

Blue Star Foods (NASDAQ: BSFC) has announced a supply agreement with Just Food For Dogs for 1,150 tons of wild-caught cod, adding an estimated $4 million annually. This partnership marks Blue Star's entry into the gourmet pet food sector, with the cod sourced from a certified sustainable fishery. The contract features an auto-renewal option, aligning with Blue Star's commitment to sustainable seafood production. CEO John Keeler expressed excitement about expanding into this new category, while the U.S. pet food market reached $37.96 billion in mid-2020, highlighting significant growth opportunities.

Blue Star Foods Corp (NASDAQ: BSFC) announced that CEO John Keeler will participate in a virtual fireside chat on ClearThink IR via the Paltalk platform on February 1, 2023, at 12 noon ET. This event is designed to engage potential investors, providing insights into the company's sustainable seafood initiatives and strategies as an emerging micro-cap company. ClearThink IR, which conducts investor relations for Blue Star, receives a monthly retainer and holds shares in the company. Blue Star focuses on Environmental, Social, and Governance (ESG) principles and operates North America’s oldest RAS salmon farm.

Blue Star Foods (NASDAQ: BSFC) announced its subsidiary, Taste of BC Aquafarms, has applied for an aquaculture license for a new land-based recirculating aquaculture system (RAS) salmon farm in Campbell River, BC. The facility will produce 1500 metric tons of steelhead salmon annually, equivalent to 13 million meals. Construction is projected to begin in Q2 2023 with an investment of approximately $35 million. The project aligns with the Canadian government's shift toward sustainable aquaculture practices.

Blue Star Foods Corp. (NASDAQ: BSFC) reported its financial results for the third quarter and nine months ended September 30, 2022. Revenue for the quarter reached $2.4 million, a 35% decrease year-over-year, attributed to lower sales prices due to discounting. The company reported a net loss of $3.7 million for the quarter, impacted by $1.6 million in non-recurring expenses. For the nine months, revenue increased by 28% to $10.7 million, but net losses rose to $6.2 million. Management anticipates a substantial revenue increase in 2023 with the planned expansion of its soft-shell crab operations.