Blue Star Foods Corp. (BSFC): debt financing — Blue Star Foods raises $438K via promissory notes; NASDAQ listing conditional

Blue Star Foods Corp.

Issued $300K note to Hart Associates plus 500K restricted shares; due May 15, 2024 with $50K one-time interest.
Issued $138K convertible note to 1800 Diagonal Lending ($23K OID); due Jan 15, 2025; default conversion at 61% of market price.
Proceeds to support increased demand under Master Service Agreement and soft shell crab operations; CEO cites 2,776 retail outlets and 4 new club-store products.
NASDAQ continued listing conditioned on filing Q1 10-Q by May 15, 2024 and closing bid price >$1 for 10 days by May 30, 2024.

item 2.03 item 1.01 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Blue Star Foods Corp. incurred loan of $300,000 with Hart Associates, LLC at one-time interest payment of $50,000 maturing May 15, 2024.

Instrument: loan
Principal: $300,000
Counterparty: Hart Associates, LLC
Rate: one-time interest payment of $50,000
Maturity: May 15, 2024
Event: incurrence

Exact text from the filing

On April 16, 2024 Blue Star Foods Corp. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with Hart Associates, LLC, a Delaware limited liability company (the “Hart”), pursuant to which the Company issued to Hart a promissory note in the principal amount of $300,000 (the “Hart Note”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Blue Star Foods Corp. incurred convertible notes of $138,000 with 1800 Diagonal Lending LLC at one-time interest payment of $26,220 maturing January 15, 2025.

Instrument: convertible notes
Principal: $138,000
Counterparty: 1800 Diagonal Lending LLC
Rate: one-time interest payment of $26,220
Maturity: January 15, 2025
Event: incurrence

Exact text from the filing

On April 16, 2024 the Company issued to 1800 Diagonal Lending LLC, a Virginia limited liability company, a convertible promissory note in the principal amount of $138,000 which had an original issue discount of $23,000 (the “Diagonal Note”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

Blue Star Foods Corp. filing history →

Source: SEC EDGAR

accession 0001493152-24-015118

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