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Blue Star Foods Corp., a seafood company specializing in prepared fresh and frozen fish products, has been notified of its impending delisting from the Nasdaq Stock Market. The Nasdaq Hearings Panel determined that the company failed to meet the Minimum Bid Price Requirement, resulting in the suspension of trading in Blue Star's common stock, beginning Friday, December 20, 2024. According to InvestingPro data, the company's stock has declined 96% year-to-date, with shares currently trading at $0.22, significantly below its 52-week high of $8.70.
The delisting follows the company's inability to maintain the required minimum bid price per share, as stipulated by Nasdaq's Listing Rule 5550(a)(2). In response to the delisting, Blue Star Foods expects its shares to start trading on the OTC Markets’ OTC Pink Current Information tier under its current ticker symbol "BSFC". Furthermore, the company has expressed intentions to apply for listing on the OTCQB market at the earliest opportunity.
The shift from Nasdaq to the OTC market is a regulatory process that involves the filing of a Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities and Exchange Act of 1934. This procedure will be executed on Form 25 with the U.S. Securities and Exchange Commission after all Nasdaq appeal and review periods have concluded.
In other recent news, Blue Star Foods has announced a stock repurchase program, authorizing the buyback of up to $1.5 million of its common stock. The company has also made a strategic financial move by allowing investors to convert promissory notes into shares. This comes as Blue Star Foods reported significant financial improvements in the first half of 2024, including a 7% revenue increase to $1.8 million and a 264% rise in gross profit for the second quarter.
The company has also been notified by Nasdaq that it no longer meets the minimum bid price requirement for continued listing, and has requested a hearing with the Nasdaq Hearings Panel. Meanwhile, Blue Star Foods has renewed its aquaculture license through 2033 and signed an agreement to supply nutritious meals to the U.S. Military.
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