Atlantic Sapphire announced it has entered an agreement for a USD 1.5 million (EUR 1.3 million) bridge loan.
The company announced on the Oslo Børs that lenders approved the request, extending Bridge Loan Tranche D.
Atlantic Sapphire first announced a USD 10 million (EUR 8.6 million) bridge loan, divided into two USD 5 million (EUR 4.3 million) tranches, on 28 March, and then a third USD 10 million tranche on 26 June. The first loan was secured as it continued to work on positive cash flow at its Miami, Florida, U.S.A-based salmon recirculating aquaculture system (RAS) facility.
That announcement preceded another that the company was planning to come under private ownership and de-list from the Oslo Børs in order to address long-term financing needs. That decision was made after its board decided the company’s equity and shareholder value “were most likely lost” and any further capital contributions from anyone other than the core investor group were unlikely.
The company said the latest USD 1.5 million loan is intended to meet further financing needs in the “near to short term." The lenders agreed to extend the maturity date of the loan to 31 October 2026. The company also said it continues to recommend shareholders accept a mandatory offer from Coral HoldCo for any remaining shares. Atlantic Sapphire sold a majority stake in the company to Corol HoldCo in August.
The company posted improved biological and financial performance in H1 2026, but still posted an EBITDA loss of USD 16.4 million (EUR 14.1 million).
