Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 149

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 149
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 subject to any sinking fund or redemption and will remain outstanding indefinitely unless and until converted by the holder or the Company redeems or otherwise repurchases the Series A Stock.

Dividends.Cumulative dividends accrue on each share of Series A Stock at the rate of 8% (the “Dividend Rate”) of the purchase price of $ 1,000.00per share, commencing on the date of issuance. Dividends are payable quarterly, when and if declared by the Board, beginning on September 30, 2018 (each a “Dividend Payment Date”) and are payable in shares of common stock (a “PIK Dividend”) with such shares being valued at the daily volume weighted average price (“VWAP”) of the common stock for the thirty trading days immediately prior to each Dividend Payment Date or if not traded or quoted as determined by an independent appraiser selected in good faith by the Company. Any fractional shares of a PIK Dividend will be rounded to the nearest one-hundredth of a share. All shares of common stock issued in payment of a PIK Dividend will be duly authorized, validly issued, fully paid and non-assessable. Dividends will accumulate whether or not the Company has earnings, there are funds legally available for the payment of those dividends and whether or not those dividends are declared by the Board.

| F-19 |

For the year ended December 31, 2023 and 2022, the Company had no preferred
stock outstanding.

Common Stock

The Company is authorized to issue 100,000,000shares of common stock at a par value of $ 0.0001and had 461,722and 26,766shares of common stock issued and outstanding as of December 31, 2023 and 2022, respectively.

On January 24, 2022, the Company issued125shares of common stock to an investor upon the exercise of warrants for total proceeds of $ 250,000.

On February 3, 2022, the Company issued167 shares of common stock with a fair value of $ 359,250to Gault Seafood as partial consideration for the purchase of certain of its assets.

On March 31, 2022, the Company issued 15shares of common stock to Intelligent Investments I LLC, with a fair value of $ 30,000, for legal services provided to the Company.

On March 31, 2022, the Company issued5 shares of