Atlantic Sapphire, a loss-making land-based salmon farmer with operations in Miami, has secured at least $20m in new funding as it pursues a restructuring that would see it delisted from the Euronext Oslo Børs.
The funding package comprises a $10m bridge loan and a fully underwritten $10m equity raise, with scope for up to a further $6m from additional share subscriptions. The restructuring was signed with investors including Condire Management, Nordlaks Holding, Nokomis Capital, Strawberry Capital, and Joh. Johannsson Eiendom, which together represent about 63% of the shares and 93% of the company's outstanding convertible loan.
Takeover and delisting plan
Coral HoldCo, a vehicle set up by Atlantic Sapphire's largest shareholders and convertible loan holders, will launch a recommended voluntary offer at Nkr0.8 ($0.086) per share. If completed, Coral HoldCo plans to "squeeze-out" remaining minority shareholders at the same price and remove Atlantic Sapphire's shares and warrants from the Oslo exchange.
The board stated that in the absence of the transaction, the company's financial position "would in all likelihood have resulted in a highly uncertain situation for the group's employees, limited recovery for the company's creditors, and a total loss of value for the company's shareholders." The board also said the Nkr0.80 offer gives minority shareholders "a reasonable opportunity to preserve some of their shareholder value".
Debt restructuring and terms
As part of the deal, the bridge loan will be transferred to Coral HoldCo and converted into shares at Nkr0.10 each. Investors holding most of the convertible loan have agreed to a 23% write-down before converting the remaining debt into equity at Nkr0.10 per share.
The group had warned earlier this year that it needed fresh capital to avoid a technical default and potential insolvency proceedings. Atlantic Sapphire said "no alternative financing solutions have been available to the company".
Financial performance
Atlantic Sapphire reported revenue of $43.3m for 2025, up about 90% from a year earlier due to "higher harvest volume and improved price achievement". Its operating loss widened to $180.4m from $162.7m, while its net loss increased to $191.2m from $167.3m. In commentary alongside the results, the group said: "Challenging financial situation as revenues have been lower than plan and cost improvements have delayed – additional capital required to fund the company to positive EBITDA."
Completion conditions
The restructuring agreement remains subject to conditions including approval of the offer document by Norway's financial regulator and shareholder approval at a general meeting. Pedro Courard became company CEO in 2024, taking over from founder Johan Andreassen.