Blue Star Foods Corp. announced that it has entered into a securities purchase agreement for the private placement of a senior, secured, two-year, interest free convertible promissory note at an issue price of $1,200,000 for gross proceeds of $1,200,000 and a common stock purchase warrant on May 11, 2023. The transaction will include participation from returning investor, Lind Global Fund II LP, a fund managed by The Lind Partners, LLC. In connection with the issuance of the company will pay a $50,000 commitment fee to the investor. The common stock purchase warrant can be exercised to acquire 6,250,000 common shares.

On May 30, 2023, the company announced that it will issue a common stock purchase warrant to acquire 8,700,696 common shares.