Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 182

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 182
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% of the Company’s outstanding shares of common stock. If shares are issued by the Company at less than the conversion price, the conversion price will be reduced to such price.

Upon a change of control of the Company, as defined in the 2022 Lind Note, Lind had the right to require the Company to prepay 10% of the outstanding principal amount of the 2022 Lind Note. The Company may prepay the outstanding principal amount of the note, provided Lind may convert up to 25% of the principal amount of the 2022 Lind Note at a price per share equal to the lesser of the Repayment Share Price or the conversion price. The 2022 Lind Note contained certain negative covenants, including restricting the Company from certain distributions, stock repurchases, borrowing, sale of assets, loans and exchange offers.

Upon an event of default as described in the 2022 Lind Note, the 2022 Lind Note would become immediately due and payable at a default interest rate of 125% of the then outstanding principal amount. Upon a default, all or a portion of the outstanding principal amount may be converted into shares of common stock by Lind at the lower of the conversion price and 80% of the average of the three lowest daily VWAPs.

During the year ended December 31, 2023, the Company made aggregate principal payments on the 2022 Lind Note of $ 2,075,900through the issuance of an aggregate of 27,584shares of common stock, including a principal payment of $ 1,094,800through the issuance of an aggregate of 7,471shares of common stock during the six months ended June 30, 2023. On September 15, 2023, the Company paid $ 2,573,142to Lind and the 2022 Lind Note was extinguished.

| F-41 |

2023 Note

On May 30, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with Lind pursuant to which the Company issued to Lind a secured, two-year, interest free convertible promissory note in the principal amount of $ 1,200,000(the “2023 Lind Note”) and a warrant (the “Lind Warrant”) to purchase 8,701shares of common stock of the Company commencing six months after issuance and exercisable for five yearsat an exercise price of $ 122.50per share. The Lind Warrant includes cashless exercise and