Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 701

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 701
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 warrants of $72,208
was 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 $22.78 immediately exercisable to purchase up to 201,023 shares of common stock
at an exercise price of $0.01 per share for gross proceeds of $4,578,294. Under the Black-Scholes pricing model, the fair value of the
warrants issued to purchase 201,023 shares of common stock was estimated at $4,619,851 on 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-year5 Series A-1 warrants to purchase
up to 214,823 shares of common stock which warrants are exercisable upon stockholder approval at an exercise price of $23.28 per 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-month18
Series A-2 warrants to purchase up to 214,823 shares of common
stock which warrants are exercisable upon stockholder approval at an exercise price of $23.28 per 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.

During
the year ended December 31, 2023, the Company issued 800 shares of common stock at an exercise price of $199.00 per share pursuant to
pre-funded warrants issued to Aegis in connection with an underwritten offering.

For
the year ended December 31, 2023, between October 2023 and November 2023, the Company issued an aggregate of 201,023 shares of common
stock at an exercise price of $0