Loss-making salmon farmer Atlantic Sapphire has secured at least $20m of new funding as a takeover by Coral Holdco moves forward.
In a filing on the Euronext Oslo Børs, the company said Coral HoldCo will launch a recommended voluntary offer at Nkr0.8 ($0.086) a share as Atlantic Sapphire plans to delist from the exchange after the deal closes.
Coral HoldCo is a vehicle set up by a group of Atlantic Sapphire’s largest shareholders and convertible loan holders.
If completed, Coral HoldCo plans to “squeeze-out” the remaining minority shareholders at the same price and remove Atlantic Sapphire’s shares and warrants from the Oslo exchange.
Atlantic Sapphire said the restructuring agreement had been signed with investors including Condire Management, Nordlaks Holding and Nokomis Capital, along with Strawberry Capital and Joh. Johannsson Eiendom.
Together, they represent about 63% of the shares and 93% of the company’s outstanding convertible loan.
The restructuring includes a previously announced $10m bridge loan and a fully underwritten $10m equity raise, with scope for up to a further $6m from additional share subscriptions.
The company said the measures aim to “address the company’s long-term financing needs”.
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 also agreed to a 23% write-down before converting the remaining debt into equity at Nkr0.10 per share.
Atlantic Sapphire said completion remains subject to conditions including approval of the offer document by Norway’s financial regulator and shareholder approval at a general meeting.
The group had been seeking funding after warning earlier this year that it needed fresh capital to avoid a technical default and potential insolvency proceedings.
It added that “no alternative financing solutions have been available to the company”.
Atlantic Sapphire said that its qualified board has placed “significant emphasis on the fact that the company’s financial position, in the absence of the transaction, 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 is also of the opinion that the Nkr0.80 offer gives minority shareholders “a reasonable opportunity to preserve some of their shareholder value”.
Pedro Courard became company CEO in 2024, taking over from founder Johan Andreassen.
Atlantic Sapphire, which operates a land-based salmon farm in Miami, 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 the commentary published alongside the results on 4 May, 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.”
