Miami, Florida, June 26, 2026
Reference is made to earlier stock exchange notices released by Atlantic
Sapphire ASA ("Atlantic Sapphire" or the "Company") regarding the Company's
financing situation and the contemplated refinancing of the Group, most recently
the stock exchange notice dated 23 May 2026.
The Offer
The Company has been informed by the investor group consisting of (i) Condire
Management L.P., (ii) Nordlaks Holding AS, (iii) Nokomis Capital Master Fund
L.P., (iv) Strawberry Capital AS, and (v) Joh. Johannson Eiendom AS (jointly,
the "Investor Group") that the Investor Group has agreed to utilize its right
under the restructuring agreement dated 23 May 2026 to transfer all of their
shares in the Company into Coral HoldCo AS ("Coral Holding") by way of a capital
raise in Coral Holding. Coral Holding is a holding company established by the
Investor Group for the purposes of the refinancing of the Company. Separate
stock exchange notices will be published with regard to mandatory disclosures on
large shareholdings and primary insider notifications.
Following completion of the transfer of shares in the Company to Coral Holding,
Coral Holding shall, subject to the Norwegian Securities Trading Act chapter 6,
make a mandatory offer for all the shares in the Company not owned by Coral
Holding (the "Mandatory Offer"). The Mandatory Offer shall replace the
previously announced contemplated voluntary offer and is intended to be made on
the same terms, including a consideration of NOK 0.80 per share. The Company's
Board of Directors maintains its previously announced recommendation of the
offer.
Launch of the Mandatory Offer is subject to approval of the offer document,
including the offer price of NOK 0.80 per share, by the Norwegian Financial
Supervisory Authority, acting in its capacity as takeover authority in Norway.
Additional Bridge Loan
To improve the Company's liquidity situation, the Company has also agreed with
Condire Management L.P., Nordlaks Holding AS, Strawberry Capital AS and Joh.
Johannson Eiendom AS to increase the size of the previously issued USD 10
million bridge loan (the "Bridge Loan") by an additional USD 10 million (the
"Additional Bridge Loan"). The Additional Bridge Loan will be governed by
materially the same terms and conditions as the Bridge Loan, but will not be
subject to an origination fee.
The Additional Bridge Loan is intended to be settled through set-off against the
Investor Group's subscription commitment to the USD 10 million tranche of the
previously announced private placement of up to USD 16 million.
For further information, please contact:
Gunnar Aasbo-Skinderhaug, Atlantic Sapphire ASA, Deputy CEO/CFO
gunnar@atlanticsapphire.com
investorrelations@atlanticsapphire.com
About Atlantic Sapphire ASA
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire
operated its innovation center in Denmark from 2011 until 2021 with a strong
focus on R&D and innovation to equip the Company with the technology and
procedures that enable the Company to commercially scale up production in end
markets close to the consumer. In the US, the Company holds the requisite
permits and patents to construct its Bluehouse® in an ideal location in
Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in
operation, which provides the capacity to harvest up to approximately
7,500-8,500 tons (HOG) of salmon annually. The Company completed its first
commercial harvest in the US in September 2020. Atlantic Sapphire's Phase 2
expansion, will bring total annual production capacity to 25,000 tons and the
Company has a long-term targeted harvest volume of >100,000 tons.
This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation and the Norwegian Securities Trading Act section 5-12.
This stock exchange release was published by Gunnar Aasbø-Skinderhaug, at the
time and date set out above.
stock exchange release was published by Gunnar Aasbø-Skinderhaug\, at the\
time and date set out above.\