Blue Star Foods to Acquire Baja Aqua Farms
Ticker: BSFC · Form: 8-K · Filed: Apr 15, 2024 · CIK: 1730773
| Field | Detail |
|---|---|
| Company | Blue Star Foods CORP. (BSFC) |
| Form Type | 8-K |
| Filed Date | Apr 15, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001 B, $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, letter-of-intent, expansion
TL;DR
BSFC buying Baja Aqua Farms in Mexico to boost seafood biz.
AI Summary
Blue Star Foods Corp. announced on April 15, 2024, that it entered into a binding Letter of Intent (LOI) on April 11, 2024, to acquire 100% of the outstanding shares of Baja Aqua Farms S.A.P.I. de C.V. This acquisition is expected to significantly expand Blue Star Foods' operations in Mexico, a key market for seafood production.
Why It Matters
This acquisition could significantly bolster Blue Star Foods' market position and production capacity in the lucrative Mexican seafood market.
Risk Assessment
Risk Level: medium — Acquisitions inherently carry risks related to integration, valuation, and market reception, which could impact Blue Star Foods' financial performance.
Key Players & Entities
- Blue Star Foods Corp. (company) — Registrant
- Baja Aqua Farms S.A.P.I. de C.V. (company) — Target of acquisition
- April 11, 2024 (date) — Date of LOI
- April 15, 2024 (date) — Date of 8-K filing
- Mexico (location) — Location of target company and expansion
FAQ
What is the primary purpose of this 8-K filing?
The primary purpose is to announce that Blue Star Foods Corp. entered into a binding Letter of Intent to acquire 100% of Baja Aqua Farms S.A.P.I. de C.V.
When was the Letter of Intent signed?
The binding Letter of Intent was signed on April 11, 2024.
What percentage of Baja Aqua Farms is Blue Star Foods acquiring?
Blue Star Foods Corp. is acquiring 100% of the outstanding shares of Baja Aqua Farms S.A.P.I. de C.V.
Where is Baja Aqua Farms located?
Baja Aqua Farms S.A.P.I. de C.V. is located in Mexico.
What is the expected impact of this acquisition on Blue Star Foods?
The acquisition is expected to significantly expand Blue Star Foods' operations in Mexico, a key market for seafood production.
Filing Stats: 524 words · 2 min read · ~2 pages · Grade level 14 · Accepted 2024-04-15 17:28:18
Key Financial Figures
- $0.0001 B — nge on which registered Common Stock, $0.0001 BSFC The Nasdaq Stock Market LLC (Nas
- $1.00 — 2) by evidencing a closing bid price of $1.00 or more per share for a minimum of ten
Filing Documents
- form8-k.htm (8-K) — 33KB
- 0001493152-24-014683.txt ( ) — 201KB
- bsfc-20240415.xsd (EX-101.SCH) — 3KB
- bsfc-20240415_lab.xml (EX-101.LAB) — 33KB
- bsfc-20240415_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 15, 2024 (April 11, 2024) BLUE STAR FOODS CORP. (Exact name of registrant as specified in its charter) Delaware 001-40991 82-4270040 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 3000 NW 109th Avenue Miami , Florida 33172 (Address of principal executive offices) Registrant's telephone number, including area code: (305) 836-6858 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols Name of each exchange on which registered Common Stock, $0.0001 BSFC The Nasdaq Stock Market LLC (Nasdaq Capital Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 8.01 Other Events. As previously disclosed, on March 26, 2024, the Company received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that as of March 25, 2024, the Company had not regained compliance with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2). The Company appealed this determination to the Nasdaq Hearings Panel (the "Panel") in writing on April 1, 2024. On April 10, 2024, the Company received a letter from the Panel indicating that the Company's request for continued on Nasdaq was granted subject to the following: (i) on or before April 1, 2024, the Company will file its Form 10-K for the period ended December 31, 2023 demonstrating compliance with Listing Rule 5550(b)(1); (ii) on or before May 15, 2024, the Company will file its Form 10-Q for the period ended March 31, 2024 demonstrating continued compliance with Listing Rule 5550(b)(1), and (iii) on or before May 30, 2024, the Company shall have demonstrated compliance with Listing Rule 5550(a)(2) by evidencing a closing bid price of $1.00 or more per share for a minimum of ten (10) consecutive trading sessions, and evidence compliance with all applicable criteria for continued listing. Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLUE STAR FOODS CORP. Date: April 15, 2024 By: /s/ John Keeler John Keeler Executive Chairman and Chief Executive Officer