Miami, Florida, U.S.A.-based Atlantic Sapphire has successfully raised USD 60 million (EUR 54 million) in an underwritten rights issuance its board approved in September.
In a release posted to the Oslo Børs, the company announced it received valid subscriptions for just over 5 billion shares in the company in a partially underwritten rights issue of a minimum of 5.26 billion new shares. An underwriting consortium had agreed to underwrite the subscriptions of new shares for the gross proceeds of USD 60 million.
The company – which is building an Atlantic salmon recirculating aquaculture system (RAS) facility – said that the final allocation ended up being 5 billion shares to valid subscriptions received during the subscription period of the rights issuance and 1.4 billion shares to the underwriters. Existing shareholders Nordlaks Holding, Condire Management, Strawberry Capital, and other external investors all underwrote USD 60 million in August.
Alongside the share issuance, Atlantic Sapphire also secured a NOK 213.9 million (USD 19.9 million, EUR 18.2 million) convertible loan.
The board approved both the loan and the share issuance to secure the funds the company said it needs to achieve a positive EBITDA for its Phase 1 operations. The company has estimated it will reach that point in Q4 2025 – five years after it harvested its first batch of Atlantic salmon from its Miami-based RAS.
“The USD 60 million equity issue was fully guaranteed by a list of underwriters and is, in addition to a convertible loan of USD 20 million [EUR 18.2 million], the funding needed for Atlantic Sapphire to deliver an expected positive EBITDA in the fourth quarter of 2025,” Atlantic Sapphire CFO and current Deputy CEO Gunnar Aasbo-Skinderhaug told SeafoodSource.
The successful funding round came after ...
