Blue Star Foods drops 6% on 1-for-20 reverse stock split

Blue Star Foods (NASDAQ:BSFC) will effect a 1-for-20 reverse stock split of its outstanding common stock.
This will be effective for trading purposes as of the commencement of trading on June 21, 2023.
The company's stockholders approved the reverse stock split at a ratio ranging from 1-for-2 to 1-for-50.
The principal purpose of the reverse stock split is to decrease the total number of shares and proportionately increase the market price of the stock in order to meet Nasdaq requirements.
The stock price fell 6% during pre-market hours.

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