Miami-based Blue Star Foods Corp. on Tuesday announced pricing for its public stock offering on the NASDAQ Capital Markets exchange, hoping to secure enough investor interest to raise $4 million (€3.5 million) in its debut.
The company, which has for years specialized in crab but recently moved into land-based salmonid farming via a small Canadian firm, is pricing its new public offering of 800,000 shares at $5 (€4.30) per share.
The company said in a statement that it intends to use the proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures.
Blue Star Foods shares began trading on the Nasdaq Capital Market under the symbol “BSFC” on Wednesday.
Newbridge Securities Corporation and Revere Securities acted as co-lead bookrunning managers.
Blue Star's share price offering is expected to close Nov. 5.
Earlier this year, Blue Star Foods Corp. acquired land-based steelhead salmon farming operation Taste of BC Aquafarms. At the time, Blue Star CEO John Keeler said company plans to produce 21,000 metric tons of product by 2028.
In 2019, the company acquired South Carolina-based Coastal Pride Company, through its John Keeler & Co. subsidiary. Coastal Pride specializes in importing pasteurized and fresh crabmeat from Mexico and Latin America, serving North American customers.
Last year, the company changed trading platforms from the OTC market to Nasdaq Stock Market. Blue Star CEO John Keeler said that the company ultimately opted to apply for a listing on the NASDAQ "because it is more favorable for food-tech companies."
Blue Star Foods has struggled in recent years and has made moves to turn around the company. Last year, it saw its revenue sink by 40.8 percent to $14.1 million (€12.2 million) due to a sharp decline in volume sales from COVID-related shutdowns.
