Blue star foods prices $1.8 million underwritten public offering of common stock

Miami, fl, feb. 10, 2023 (globe newswire) -- blue star foods corp., (nasdaq:bsfc) (the "company" ), an integrated environmental, social, and governance (esg) sustainable seafood company with a focus on recirculatory aquaculture systems (ras), today announced the pricing of an underwritten public offering with gross proceeds to the company expected to be $1.8 million, before deducting underwriting discounts and other estimated expenses payable by the company. the offering consists of 9,000,000 shares of common stock and pre-funded warrants to purchase common stock (the "offering") at a price of $0.20 per share (or $0.1990 per pre-funded warrant after reducing $0.001 attributable to the exercise price of the pre-funded warrants). in addition, the company has granted aegis capital corp., the underwriter in the offering, a 45-day option to purchase up to an additional 1,250,000 shares of common stock and/or pre-funded warrants at the public offering price, less underwriting discounts and commissions, which would increase the total gross proceeds of the offering to approximately $2.0 million, if the over-allotment option is exercised in full. the company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. the company may also use a portion of the net proceeds to acquire or make investments in businesses, products, and offerings, although they do not have agreements or commitments for any material acquisitions or investments at this time. the closing of the offering is expected to occur on february 14, 2023, subject to customary closing conditions.
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