Miami, Florida, U.S.A.-based recirculating aquaculture system (RAS) salmon-farming company Atlantic Sapphire has sold a majority stake of the company to Coral HoldCo, also known as Coral Holding.
Atlantic Sapphire first announced its plans to go private and de-list from the Oslo Børs in May, using the sale as a means of raising additional financing it will need for the next 12 months. Since that point, the company has sold 62.2 percent of the company, or 22,301,236 shares, to Coral Holding.
Coral Holding is a joint investment company established by a group of Atlantic Sapphire’s largest shareholders and convertible loan holders for the sole purpose of restructuring the company. It consists of Condire Management, Nordlaks Holding, Nokomis, Strawberry Capital, and Joh Johannson Eiendom.
According to the company, the bridge loan was transferred to Coral Holding and converted into new shares in the company at a price per new share of NOK 0.10 (USD 0.01 EUR 0.01).
Per Norwegian law, the company has also made a mandatory offer for the remaining 13,552,809 shares and is issuing a mandatory offer price of NOK 0.80 (USD 0.08, EUR 0.07) per share, worth NOK 10.8 million (USD 1.1 million, EUR 981,000), and placing the total value of share capital in the company at roughly NOK 28.7 million (USD 3 million, EUR 2.6 million).
Pareto Securities was appointed as the Norwegian Financial Supervisory Authority in the transaction, and Wikborg Rein Advokatfirma acted as legal advisor.
The restructuring of Atlantic Sapphire coincided with a USD 10 million (EUR 8.5 million) bridge loan the company secured in April, as part of its ongoing efforts to stave off liquidity issues. The company also said it plans a private placement, divided into three tranches, to raise gross proceeds of USD 16 million (EUR 13.8 million) in cash.
On the operational side, Atlantic Sapphire posted an improved harvest in Q1 2026 compared to the same period of 2025, achieving 1,504 metric tons of gutted weight salmon. Its FY 2025 revenue also increased to USD 43.2 million (EUR 37.5 million) from USD 22.8 million (EUR 19.8 million) in FY 2024.
While revenue improved, Atlantic Sapphire said it was still coming in lower than originally planned, and as a result, the company’s operating losses also increased to USD 180 million (EUR 156 million) in FY 2025, worsening from USD 162 million (EUR 140 million) the prior year.
The company said its results for the year proved that its RAS platform is valid, that it has biological stability, and that it has stable growth and harvest cadence. But, it also still faces challenges like a worse feed conversion ratio than hoped, biofiltration and degassing issues, and commercial monetization coming in below expectations.
The sale of the company is the latest in a long-time effort to establish a massive, profitable Atlantic salmon RAS in Miami, which has seen the company suffer mortality events, lose facilities to fires, face issues securing oxygen, and undershoot biomass targets.
Over time, the company’s stock price has steadily dropped since 2021. In August, it experienced a 38.3 percent drop from USD 8.91 (then EUR 7.52) per share to USD 5.50 (then EUR 4.64) per share. Since that time it has executed a 200-1 reverse share split, and as of now, each share is worth less than USD 0.10 (EUR 0.08).
