Blue Star Foods Corp., a Delaware-based seafood company, has initiated a stock repurchase program authorizing the buyback of up to $1.5 million of its common stock. This decision, as disclosed in a recent SEC filing, follows the board of directors' approval on November 27, 2024.
The repurchase program is a strategic move by the company to reacquire its shares from the open market. As part of this initiative, Blue Star Foods is currently in the process of selecting a brokerage firm or banking institution to serve as a depository for the repurchased stock. However, the company has not set a definitive timeline for the commencement of the program.
Blue Star Foods, with its primary executive offices in Miami, Florida, operates under the Prepared Fresh or Frozen Fish & Seafoods category and is listed on the Nasdaq Capital Market under the ticker symbol NASDAQ:BSFC. The company's commitment to this repurchase program reflects a proactive approach to managing its market strategy and capital allocation.
The implementation of the stock repurchase program is subject to various factors, including market conditions, and there is no assurance as to the exact timing or the number of shares that will be repurchased. Blue Star Foods' management has not specified the duration of the repurchase program or outlined any intention to complete the buyback within a specific period.
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