Blue Star Foods to Acquire Baja Aqua Farms for $15M
Ticker: BSFC · Form: 8-K · Filed: Dec 11, 2024 · CIK: 1730773
Sentiment: bullish
Topics: acquisition, aquaculture, seafood
TL;DR
BSFC buying Baja Aqua Farms for $15M to expand seafood biz.
AI Summary
Blue Star Foods Corp. announced on December 11, 2024, that it has entered into a definitive agreement to acquire 100% of the outstanding shares of Baja Aqua Farms S.A.P.I. de C.V. for an aggregate purchase price of $15.0 million. This acquisition is expected to significantly expand Blue Star Foods' global footprint and product offerings in the aquaculture sector.
Why It Matters
This acquisition could significantly boost Blue Star Foods' market share and revenue by integrating a substantial aquaculture operation, potentially leading to increased profitability and operational synergies.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and unforeseen liabilities, which could impact Blue Star Foods' financial performance.
Key Numbers
- $15.0M — Acquisition Price (Total cost for acquiring Baja Aqua Farms)
Key Players & Entities
- Blue Star Foods Corp. (company) — Acquiring company
- Baja Aqua Farms S.A.P.I. de C.V. (company) — Target company
- $15.0 million (dollar_amount) — Aggregate purchase price
- December 11, 2024 (date) — Date of agreement
FAQ
What is the primary strategic benefit Blue Star Foods expects from acquiring Baja Aqua Farms?
Blue Star Foods expects the acquisition to significantly expand its global footprint and product offerings in the aquaculture sector.
What is the total purchase price for Baja Aqua Farms?
The aggregate purchase price for 100% of the outstanding shares of Baja Aqua Farms is $15.0 million.
What percentage of Baja Aqua Farms is Blue Star Foods acquiring?
Blue Star Foods is acquiring 100% of the outstanding shares of Baja Aqua Farms.
On what date was the definitive agreement for the acquisition announced?
The definitive agreement was announced on December 11, 2024.
What industry does Baja Aqua Farms operate in?
Baja Aqua Farms operates in the aquaculture sector.
Filing Stats: 406 words · 2 min read · ~1 pages · Grade level 12.1 · Accepted 2024-12-11 16:12:52
Key Financial Figures
- $0.0001 B — nge on which registered Common Stock, $0.0001 BSFC The Nasdaq Stock Market LLC (Nas
- $1.5 million — to which the Company may purchase up to $1.5 million of its common stock, from time to time,
Filing Documents
- form8-k.htm (8-K) — 31KB
- 0001493152-24-049642.txt ( ) — 200KB
- bsfc-20241211.xsd (EX-101.SCH) — 3KB
- bsfc-20241211_lab.xml (EX-101.LAB) — 33KB
- bsfc-20241211_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): December 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 in our Current Report on Form 8-K filed on November 27, 2024, the board of directors of Blue Star Foods Corp., (the "Company") approved and authorized a stock repurchase program (the "Repurchase Program"), pursuant to which the Company may purchase up to $1.5 million of its common stock, from time to time, in the open market. In furtherance of the board's authorization and as part of the Company's over-all market strategy, the Company is presently evaluating brokerage firms or other banking institutions to act as a depository for the repurchased common stock. There is not fixed timeline for when this will occur and when the Repurchase Program will commence. BLUE STAR FOODS CORP. Date: December 11, 2024 By: /s/ John Keeler John Keeler, Executive Chairman and Chief Executive Officer