Blue Star Foods prices 10.74M shares at 46.55c in public offering

Blue Star Food announced the pricing of its public offering of an aggregate of 10,741,139 shares of its common stock together with accompanying common stock warrants, at a public offering price of $0.4655 per share and accompanying warrants. Each share of common stock is being offered in the offering together with a Series A-1 warrant to purchase one share of common stock at an exercise price of $0.4655 per share and a Series A-2 warrant to purchase one share of common stock at an exercise price of $0.4655 per share. The Series A-1 warrants will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the warrants and will expire five years thereafter, and the Series A-2 warrants will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the warrants and will expire eighteen months thereafter. Total gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $5 million. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The closing of the offering is expected to occur on or about September 11, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this offering for general corporate purposes and repayment of certain outstanding debt.