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

Miami, fl, feb. 14, 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), announced the closing of an underwritten public offering with gross proceeds to the company of approximately $1.8 million, before deducting underwriting discounts and other estimated expenses payable by the company. the offering consisted 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 $0.199 per pre-funded warrant after reducing $0.001 attributable to the exercise price of the pre-funded warrants). 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.
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