Micro Cap Rallies On Major Debt Reduction Announcement

By: Dylan Sikes – AllPennyStocks.com News

Tuesday, August 20, 2024

It’s not every day that we get to discuss major fundamental feats of companies that trade as penny stocks. This is not due to a lack of solid companies to discuss, but more or less because the majority of headlines made in the penny stock realm are usually a tad more attention-grabbing.

With that said, we did happen across a micro cap in the food industry that has found pretty significant success today after the company announced that it strengthened its balance sheet by paying off $645,668 of debts. This sent shares of Blue Star Foods Corp. (Nasdaq:BSFC) higher on Tuesday, with shares of this Miami-based company reaching up to $1.2399/share (+11.70%) at the session high.

This move was the first sign of life from the bulls as it has been beaten down over the last few months.

Blue Star Foods Corp is an international seafood company. It imports, packages, and sells refrigerated pasteurized crab meat, and other premium seafood products.

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