Blue Star Foods Announces Stock Buyback Program for Up to $1.5 Million
Blue Star Foods Corp. (NASDAQ: BSFC) has announced a stock buyback program to repurchase up to $1.5 million of its common stock. The company will conduct repurchases in the open market, with timing and amount depending on factors including price, trading volume, and market conditions. The program can be suspended, modified, or discontinued at any time. Management believes the stock is significantly undervalued and views the buyback as an opportunity to return value to shareholders.
Blue Star Foods Corp. (NASDAQ: BSFC) ha annunciato un programma di riacquisto di azioni per riacquistare fino a 1,5 milioni di dollari delle proprie azioni ordinarie. L'azienda effettuerà i riacquisti sul mercato aperto, con tempistiche e importi che dipendono da fattori quali il prezzo, il volume delle negoziazioni e le condizioni di mercato. Il programma può essere sospeso, modificato o interrotto in qualsiasi momento. La dirigenza crede che il titolo sia significativamente sottovalutato e considera il riacquisto come un'opportunità per restituire valore agli azionisti.
Blue Star Foods Corp. (NASDAQ: BSFC) ha anunciado un programa de recompra de acciones para recomprar hasta 1.5 millones de dólares de sus acciones ordinarias. La empresa llevará a cabo las recompras en el mercado abierto, con el tiempo y la cantidad dependiendo de factores como el precio, el volumen de negociaciones y las condiciones del mercado. El programa puede ser suspendido, modificado o cancelado en cualquier momento. La dirección cree que la acción está significativamente subvaluada y ve la recompra como una oportunidad para devolver valor a los accionistas.
블루 스타 푸드 주식회사(NASDAQ: BSFC)는 최대 150만 달러의 보통주를 재매입하기 위한 자사주 매입 프로그램을 발표했습니다. 회사는 가격, 거래량 및 시장 조건과 같은 요인에 따라 시기와 금액을 결정하여 공개 시장에서 재매입을 진행할 것입니다. 이 프로그램은 언제든지 중단, 수정 또는 종료될 수 있습니다. 경영진은 주식이 상당히 저평가되어 있다고 믿으며, 매입을 주주에게 가치를 환원할 기회로 보고 있습니다.
Blue Star Foods Corp. (NASDAQ: BSFC) a annoncé un programme de rachat d'actions pour racheter jusqu'à 1,5 million de dollars de ses actions ordinaires. L'entreprise procédera aux rachats sur le marché ouvert, avec des timings et montants dépendant de facteurs tels que le prix, le volume échangé et les conditions du marché. Le programme peut être suspendu, modifié ou interrompu à tout moment. La direction estime que l'action est considérablement sous-évaluée et considère le rachat comme une occasion de restituer de la valeur aux actionnaires.
Blue Star Foods Corp. (NASDAQ: BSFC) hat ein Aktienrückkaufprogramm angekündigt, um bis zu 1,5 Millionen Dollar eigener Stammaktien zurückzukaufen. Das Unternehmen wird die Rückkäufe auf dem offenen Markt durchführen, wobei Zeitpunkt und Betrag von Faktoren wie Preis, Handelsvolumen und Marktbedingungen abhängen. Das Programm kann jederzeit ausgesetzt, geändert oder eingestellt werden. Das Management ist der Ansicht, dass die Aktie erheblich unterbewertet ist und betrachtet den Rückkauf als eine Gelegenheit, den Aktionären Wert zurückzugeben.
- Authorization of $1.5 million stock buyback program
- Management's confidence in company value indicated by buyback initiative
- Potential positive impact on share price and EPS through share count reduction
- Use of cash reserves for buyback could reduce funds available for operations or growth
- No guarantee of full program execution as buyback is discretionary
Insights
A
- The company's ability to fund such a large buyback relative to its size needs scrutiny
- The extremely low market cap suggests significant financial challenges
- The stock's illiquid nature means buybacks could significantly impact trading dynamics
- The program's flexibility with no specific timeline or commitment raises questions about actual implementation
Investors should carefully examine the company's cash position and operational performance before interpreting this announcement as a positive signal.
Miami, FL, Nov. 26, 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 a stock buyback program to repurchase up to
Under the program, the Company is authorized to repurchase its shares from time to time in the open market. The timing and amount of any repurchases will depend on a variety of factors, including price, trading volume, general market conditions, and other corporate considerations. The repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended, modified, or discontinued at any time without prior notice.
John Keeler, Chairman and CEO of Blue Star Foods, commented, “We are pleased to announce this stock buyback program, which reflects our confidence in the strong and growing business of Blue Star. We believe our stock is significantly undervalued. This buyback program represents an attractive opportunity to return value to our shareholders."
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: https://bluestarfoods.com
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
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