Blue Star Foods Announces Closing of $5 Million Public Offering

Miami, FL, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., (“Blue Star,” the “Company,” “we,” “our” or “us”) (NASDAQ: BSFC), today announced the closing of its previously announced public offering of an aggregate of 10,741,139 shares of its common stock (or common stock equivalents), together with accompanying common stock warrants, at a public offering price of $0.4655 per share (or common stock equivalent) and accompanying warrants. Each share of common stock (or common stock equivalent) was 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, were approximately $5 million.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The Company intends to use the net proceeds from this offering for general corporate purposes and repayment of certain outstanding debt.

The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-273525), which was declared effective by the Securities and Exchange Commission (the “SEC”) on September 7, 2023. The offering was made only by means of a prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus may be obtained on the SEC’s website at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at [phone] or e-mail at [e-mail].