Blue Star Foods (BSFC) to be Delisted from Nasdaq

TL;DR

BSFC is getting kicked off Nasdaq, trading stops Oct 23rd. Big trouble.

AI Summary

Blue Star Foods Corp. (BSFC) announced on October 16, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules. The company has been notified that its common stock will be delisted from the Nasdaq Capital Market, with trading expected to cease on October 23, 2024. This action is due to the company's failure to meet certain continued listing standards.

Why It Matters

This delisting from a major exchange like Nasdaq will significantly impact the liquidity and accessibility of Blue Star Foods' stock for investors.

Risk Assessment

Risk Level: high — Delisting from a major stock exchange severely impacts a company's ability to raise capital and trade its shares, posing a significant risk to investors.

Key Numbers

• October 23, 2024 — Last Trading Day (The date trading of Blue Star Foods' stock is expected to cease on the Nasdaq Capital Market.)

Key Players & Entities

• Blue Star Foods Corp. (company) — The company filing the report and subject to delisting.
• Nasdaq Stock Market (company) — The exchange that issued the delisting notice.
• October 16, 2024 (date) — The date the notice of non-compliance was received.
• October 23, 2024 (date) — The expected last day of trading on Nasdaq.

FAQ

Key Financial Figures

• $0.0001 B — nge on which registered Common Stock, $0.0001 BSFC The Nasdaq Stock Market LLC (Nas
• $0.0001 — f the Company's common stock, par value $0.0001 per share ("Common Stock"), for the las
• $1.00 — ment to maintain a minimum bid price of $1.00 per share for continued listing on The
• $20,000 — 's decision. The fee for the hearing is $20,000. Pursuant to the requirements of the

Filing Documents

• form8-k.htm (8-K) — 31KB
• 0001493152-24-041652.txt ( ) — 201KB
• bsfc-20241016.xsd (EX-101.SCH) — 3KB
• bsfc-20241016_lab.xml (EX-101.LAB) — 33KB
• bsfc-20241016_pre.xml (EX-101.PRE) — 24KB
• form8-k_htm.xml (XML) — 3KB

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): October 16, 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 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 16, 2024, Blue Star Foods Corp. (the "Company") received a notice letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, based upon the closing bid price of the Company's common stock, par value $0.0001 per share ("Common Stock"), for the last 30 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement"), which matter serves as a basis for delisting the Company's securities from Nasdaq. As previously reported on a Current Report on Form 8-K filed on June 12, 2024, the Company is subject to a Mandatory Panel Monitor for a period of one year, or until June 11, 2025. As such, the Company is not eligible for a compliance period. The Company has the opportunity to request a hearing with the Hearings Panel (the "Panel"), by October 23, 2024, which request was made on October 18, 2024. The hearing request will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. The fee for the hearing is $20,000. 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: October 18, 2024 By: /s/ John Keeler John Keeler Executive Chairman and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR