Blue Star Foods has issued formal announcements regarding the renewal of their soft-shell crab licenses in South Carolina. Additionally, they have disclosed the pricing information for their public offering, which encompasses a total of 10,741,139 of their common shares.
Regarding their shares, the public offering price is USD 0.4655 per share (EUR 0.43) or the equivalent in common shares) and attached warrants. With this, the company expects the total gross proceeds from the offering, before deducting placement agent fees and other offering expenses, to be approximately USD 5 million (EUR 4,7 million)
All of this comes after the rollercoaster of experiences the company went through this summer. On June 20th, they faced a possible Nasdaq delisting, which was ultimately resolved on July 11th.
The company plans to use the offering's net proceeds for general corporate purposes and debt repayment, with the closing expected around September 11th, subject to standard conditions.
Furthermore, the company announced a few days ago that their soft-shell crab operations in South Carolina have received a license renewal from the South Carolina Department of Natural Resources. With this new license, valid until June 2024, Blue Star will serve as a major distributor and a wholesale crab peeler.
"Our plans for the next twelve months include the expansion of operations for our crab hibernation facility, processing, cold storage distribution hub, and footprint for soft-shell crabs in South Carolina," said John Keeler, Chairman and CEO of Blue Star Foods. "Our exclusive Bio-Harvesting technology Crab Hatchery will be a highlight of the expansion, to better understand the genome code responsible for growth and reproduction. This proprietary technology and process enables us to utilize high performing blue crab strains. The result will produce a sustainable balance for what crab fisheries can supply against the rapid growth in soft shell crab demand."
Headquartered in Miami, Florida, Blue Star Foods Corp. is an integrated ESG seafood company that processes, packages, and sells high-value seafood products. The company claims to use best-in-class technology in both resource sustainability management and traceability, as well as environmentally friendly packaging. It also owns and operates the oldest continuously operating RAS full grow-out salmon farm in British Columbia.
