Blue Star Foods Submits Request for Withdrawal of Registration Statement on Form S-1
Blue Star Foods Corp. (NASDAQ: BSFC), an ESG sustainable seafood company, has requested the SEC to withdraw its Registration Statement on Form S-1 filed on August 6, 2024. The company has decided not to pursue its public offering at this time, citing that the current market capitalization doesn't accurately reflect the company's true value. No securities have been sold in connection with the offering, and the Registration Statement was not declared effective by the SEC. CEO John Keeler emphasized that this decision was made after careful consideration of financial standing and market conditions, aiming to protect shareholder interests and support long-term growth. Blue Star Foods remains confident in its business model and sales growth trend, assuring that this move will not impact core operations or strategic objectives.
Blue Star Foods Corp. (NASDAQ: BSFC), un azienda di prodotti ittici sostenibili ESG, ha richiesto alla SEC di ritirare la sua Dichiarazione di Registrazione sul Modulo S-1 presentata il 6 agosto 2024. L'azienda ha deciso di non procedere con l'offerta pubblica in questo momento, citando che la capitalizzazione di mercato attuale non riflette accuratamente il vero valore dell'azienda. Non sono stati venduti titoli in relazione all'offerta e la Dichiarazione di Registrazione non è stata dichiarata efficace dalla SEC. Il CEO John Keeler ha sottolineato che questa decisione è stata presa dopo un'attenta considerazione della situazione finanziaria e delle condizioni di mercato, con l'obiettivo di proteggere gli interessi degli azionisti e sostenere la crescita a lungo termine. Blue Star Foods rimane fiduciosa nel proprio modello di business e nella tendenza di crescita delle vendite, assicurando che questa mossa non impatterà sulle operazioni fondamentali o sugli obiettivi strategici.
Blue Star Foods Corp. (NASDAQ: BSFC), una empresa de mariscos sostenibles ESG, ha solicitado a la SEC retirar su Declaración de Registro en el Formulario S-1 presentada el 6 de agosto de 2024. La empresa ha decidido no seguir adelante con su oferta pública en este momento, alegando que la capitalización de mercado actual no refleja con precisión el verdadero valor de la empresa. No se han vendido valores en relación con la oferta, y la Declaración de Registro no fue declarada efectiva por la SEC. El CEO John Keeler enfatizó que esta decisión se tomó tras una cuidadosa consideración de la situación financiera y de las condiciones del mercado, con el objetivo de proteger los intereses de los accionistas y apoyar el crecimiento a largo plazo. Blue Star Foods se mantiene confiada en su modelo de negocio y en la tendencia de crecimiento de sus ventas, asegurando que este movimiento no afectará las operaciones del núcleo ni los objetivos estratégicos.
블루 스타 식품 주식회사 (NASDAQ: BSFC), ESG 지속 가능한 해산물 회사,는 2024년 8월 6일에 제출한 S-1 양식 등록 신청서를 SEC에 철회해 달라고 요청했습니다. 회사는 현재 시장 시가총액이 회사의 진정한 가치를 정확히 반영하지 않는다며 지금은 공모를 진행하지 않기로 결정했습니다. 이와 관련하여 유가는 판매되지 않았으며, 등록 신청서는 SEC에 의해 효력이 발생하지 않았습니다. CEO 존 킬러는 이 결정이 재정 상태와 시장 상황을 신중하게 고려한 후에 내려졌다고 강조하며, 주주들의 이익을 보호하고 장기 성장을 지원하는 것을 목표로 하고 있다고 밝혔습니다. 블루 스타 식품은 자신의 사업 모델과 매출 성장 추세에 대한 확신을 유지하고 있으며, 이 결정이 핵심 운영이나 전략적 목표에 영향을 미치지 않을 것이라고 보장했습니다.
Blue Star Foods Corp. (NASDAQ: BSFC), une entreprise de fruits de mer durable ESG, a demandé à la SEC de retirer sa déclaration d'enregistrement sur le formulaire S-1 déposée le 6 août 2024. L'entreprise a décidé de ne pas poursuivre son offre publique pour le moment, arguant que la capitalisation boursière actuelle ne reflète pas fidèlement la valeur réelle de l'entreprise. Aucun titre n'a été vendu en rapport avec l'offre, et la déclaration d'enregistrement n'a pas été déclarée effective par la SEC. Le PDG John Keeler a souligné que cette décision a été prise après un examen attentif de la situation financière et des conditions du marché, visant à protéger les intérêts des actionnaires et à soutenir la croissance à long terme. Blue Star Foods reste confiant dans son modèle commercial et la tendance à la croissance des ventes, assurant que ce mouvement n'impactera pas les opérations centrales ou les objectifs stratégiques.
Blue Star Foods Corp. (NASDAQ: BSFC), ein ESG-nachhaltiges Meeresfrüchte-Unternehmen, hat die SEC gebeten, seinen Registrierungsantrag auf Formular S-1 zurückzuziehen, der am 6. August 2024 eingereicht wurde. Das Unternehmen hat beschlossen, derzeit nicht mit dem öffentlichen Angebot fortzufahren und gibt an, dass die aktuelle Marktkapitalisierung den wahren Wert des Unternehmens nicht genau widerspiegelt. Es wurden keine Wertpapiere im Zusammenhang mit dem Angebot verkauft, und der Registrierungsantrag wurde von der SEC nicht für wirksam erklärt. CEO John Keeler betonte, dass diese Entscheidung nach sorgfältiger Prüfung der finanziellen Lage und der Marktbedingungen getroffen wurde, um die Interessen der Aktionäre zu schützen und das langfristige Wachstum zu unterstützen. Blue Star Foods bleibt zuversichtlich in Bezug auf sein Geschäftsmodell und den Wachstumstrend der Verkäufe und versichert, dass dieser Schritt die Kernoperationen oder strategischen Ziele nicht beeinträchtigen wird.
- Company remains confident in its business model and sales growth trend
- Decision aims to protect shareholder interests and support long-term growth
- Withdrawal of Registration Statement on Form S-1, canceling planned public offering
- Current market capitalization doesn't accurately reflect the company's true value according to management
Insights
Blue Star Foods' withdrawal of their S-1 registration statement signals a significant shift in their capital-raising strategy. This move typically indicates that market conditions or internal factors are not favorable for a public offering at this time. The CEO's statement about the company's market capitalization not reflecting its true value suggests potential undervaluation concerns. This decision could be positive in the long run if it prevents dilution at unfavorable prices, but it also raises questions about the company's immediate capital needs and growth plans.
The impact on investors is mixed. While it protects against potential dilution, it may also limit near-term growth opportunities that fresh capital could have provided. The company's confidence in its business model and sales growth trend is encouraging, but without specific financial figures, it's challenging to assess the validity of these claims. Investors should closely monitor Blue Star's alternative funding strategies and operational performance in the coming quarters to gauge the company's true financial health and growth prospects.
The withdrawal of Blue Star Foods' S-1 filing reflects broader market trends affecting small-cap companies, particularly in the sustainable seafood sector. With a focus on Recirculatory Aquaculture Systems (RAS), Blue Star operates in a niche but growing market. However, the decision to withdraw suggests that investor appetite for such specialized offerings may be currently , possibly due to macroeconomic factors or sector-specific challenges.
This move could indicate a shift in investor sentiment towards ESG-focused companies, particularly those in early growth stages. It's important to note that while the sustainable seafood market has long-term potential, short-term profitability and scalability concerns may be influencing investor decisions. The company's strategy reassessment could lead to a pivot in their approach to sustainability or their market positioning, which investors should watch closely. This withdrawal might also signal a broader trend of companies reassessing traditional public funding routes in favor of alternative financing methods.
Miami, FL, Aug. 16, 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), requested that the Securities and Exchange Commission ("SEC") consent to the withdrawal of our Registration Statement on Form S-1 (No. 333-281270) originally filed on August 6, 2024, as we no longer intend to pursue our public offering at this time. We believe this is in the best interests of our shareholders and investors.
The Registration Statement has not been declared effective by the SEC, and no securities have been sold in connection with the offering described in the Registration Statement.
We believe that this request serves to protect the investments of our shareholders. Shareholder’s trust and support are invaluable to us, and we are committed to making decisions that uphold our shareholder interests and support the long-term growth of our business.
John Keeler, Chairman and CEO of Blue Star Foods, commented, “We do not believe our current market capitalization accurately reflects the true value of our Company. This decision was made after thorough analysis and careful consideration of our financial standing and market conditions. We are dedicated to reassessing our strategy to ensure that it aligns with our shareholder interests and the growth of our business. Shareholders’ continued support and belief in Blue Star Foods Corp. mean the world to us. We look forward to creating long-term value together.”
We believe that this decision will not impact our core business operations or our strategic objectives. We remain confident in our business model and sales growth trend.
We guarantee that our request that an order granting the withdrawal of the Registration Statement will be issued by the Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company’s common stock or any securities, and there shall not be any offer, solicitation or sale of securities mentioned in the press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such any state or jurisdiction.
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
FAQ
Why did Blue Star Foods Corp. (BSFC) withdraw its Registration Statement on Form S-1?
When was the original Registration Statement on Form S-1 filed by Blue Star Foods Corp. (BSFC)?
Will the withdrawal of the Registration Statement affect Blue Star Foods Corp.'s (BSFC) core business operations?
Were any securities sold in connection with Blue Star Foods Corp.'s (BSFC) withdrawn offering?
