Blue Star Foods will move to OTC Markets on December 20 following Nasdaq delisting for minimum bid price violations.
Quiver AI Summary
Blue Star Foods Corp. announced that its securities will be delisted from Nasdaq due to a violation of the Minimum Bid Price Requirement, as outlined in Listing Rule 5550(a)(2). The company decided not to appeal this decision and will commence trading on OTC Markets starting December 20, 2024. CEO John Keeler stated that this delisting does not reflect any operational changes and highlighted that the company has returned to revenue growth with a strong cash position. Listing on OTC Markets will reduce public company costs and eliminate the immediate need for a reverse split associated with Nasdaq compliance. Blue Star plans to apply for listing on OTCQB as soon as possible, continuing its focus on sustainable seafood through Recirculatory Aquaculture Systems.
Potential Positives
- Transitioning to OTC Markets could lower public company costs for Blue Star Foods.
- There are no immediate plans for a reverse split due to the elimination of Nasdaq listing standards.
- The company plans to apply for an OTCQB listing, which could enhance visibility and credibility in the market.
- Blue Star Foods emphasizes that its operational performance remains strong, citing a return to revenue growth and a solid cash position.
Potential Negatives
- Receiving a formal notice of delisting from Nasdaq indicates serious issues with compliance, damaging the company's reputation with investors.
- Deciding not to appeal the delisting decision may signal a lack of confidence in the company's ability to address the underlying issues that led to the delisting.
- Transitioning to OTC Markets typically results in decreased visibility and lower trading volumes, which can limit investor interest and liquidity.
FAQ
Why is Blue Star Foods trading on OTC Markets now?
Blue Star Foods' securities will be delisted from Nasdaq due to a violation of the Minimum Bid Price Requirement, leading to trading on OTC Markets.
What does the delisting from Nasdaq mean for Blue Star Foods?
The delisting does not reflect operational changes; the company maintains a positive cash position and has returned to revenue growth.
What are the benefits of trading on OTC Markets?
Being listed on OTC Markets lowers public company costs and eliminates the immediate need for a reverse stock split.
What plans does Blue Star Foods have for OTC Markets?
The company intends to apply for listing on OTCQB as soon as practicable after beginning trading on OTC Markets.
How has Blue Star Foods performed recently?
Blue Star Foods has returned to revenue growth, indicating positive operational progress despite the Nasdaq delisting.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BSFC Hedge Fund Activity
We have seen 0 institutional investors add shares of $BSFC stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- UBS GROUP AG removed 230,340 shares (-100.0%) from their portfolio in Q2 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 96,703 shares (-100.0%) from their portfolio in Q2 2024
- TWO SIGMA SECURITIES, LLC removed 73,838 shares (-100.0%) from their portfolio in Q2 2024
- CITADEL ADVISORS LLC removed 67,290 shares (-100.0%) from their portfolio in Q2 2024
- GEODE CAPITAL MANAGEMENT, LLC removed 65,202 shares (-100.0%) from their portfolio in Q2 2024
- HRT FINANCIAL LP removed 26,072 shares (-100.0%) from their portfolio in Q2 2024
- CUBIST SYSTEMATIC STRATEGIES, LLC removed 19,511 shares (-100.0%) from their portfolio in Q2 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Will Commence Trading on OTC Markets on Friday, December 20
Miami, FL, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., ("Blue Star," the "Company," "we," "our" or "us") (NASDAQ:
BSFC
)
, an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS), today announced that it received formal notice from The Nasdaq Stock Market LLC that its securities will be delisted from Nasdaq. The Company has decided not to appeal its delisting determination, which was based on the Company's violation of Listing Rule 5550(a)(2), the "Minimum Bid Price Requirement" and will begin trading on OTC Markets on Friday, December 20.
John Keeler, Chairman and CEO of Blue Star Foods, commented, "this by no means has any reflection on our operations, nothing has changed and we have returned to revenue growth and our current cash position is in a very good place."
Keeler, continued, "in deciding to not appeal the Nasdaq delisting notice, we realized some positives by listing in OTC Markets:
Lowers our public company costs
No immediate plans for reverse split as no longer needed to comply with Nasdaq listing standards
We intend to apply to list our securities on the OTCQB as soon as practicable.
About Blue Star Foods Corp. (NASDAQ:
BSFC
)
Blue Star Foods Corp. an integrated Environmental, Social, and Governance (ESG) sustainable seafood company with a focus on Recirculatory Aquaculture Systems (RAS) that processes, packages and sells high-value seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. The Company also owns and operates the oldest continuously operating Recirculating Aquaculture System (RAS) full grow-out salmon farm in North America. The company is based in Miami, Florida, and its corporate website is:
Forward-Looking Statements:
The foregoing material may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company's product development and business prospects, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Risks concerning the Company's business are described in detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contacts:
investors@bluestarfoods.com
