Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 156

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 156
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 share. The warrant provides for cashless exercise and full ratchet anti-dilution provisions. Under the Black-Scholes pricing model, the fair value of the warrants is estimated at $ 72,208on the date of issuance of the warrant and $ 910as of December 31, 2023 using the following assumptions: stock price of $ 53.50and $ 7.00; exercise price of $ 67.00; risk free rate of 4.24% and 3.84%; volatility of 45.51% and 49.76%; and expected term of five years. The fair value of the warrants of $ 72,208was recorded as a discount to the 2023 Purchase Agreement Amendment and classified as a liability.

On September 11, 2023, in connection with the underwritten public offering pursuant to a securities purchase agreement, the Company issued pre-funded warrants with the public offering price of $ 22.775immediately exercisable to purchase up to 201,023shares of common stock at an exercise price of $ 0.50per share for gross proceeds of $ 4,578,294. Under the Black-Scholes pricing model, the fair value of the warrants issued to purchase 201,023shares of common stock was estimated at $ 4,619,851on the date of issuance of the warrant using the following assumptions: stock price of $ 23.45; exercise price of $ 0.50; warrant term; volatility rate of 149.06%; and risk-free interest rate of 5.40% from the US Department of Treasury.

On September 11, 2023, in connection with the underwritten public offering, the Company issued five-year Series A-1 warrants to purchase up to 214,823shares of common stock which warrants are exercisable upon stockholder approval at an exercise price of $ 23.275per share. Since the exercise of these warrants is contingent upon stockholder approval, which stockholder approval has not been obtained, such warrants were not considered as outstanding as of December 31, 2023.

On September 11, 2023, in connection with the underwritten public offering, the Company issued eighteen-month Series A-2 warrants to purchase up to 214,823shares of common stock which warrants are exercisable upon stockholder approval at an exercise price of $ 23.28per share. Since the exercise of these warrants is contingent upon stockholder approval, which