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Atlantic Sapphire ( (AASZF) ) has shared an update.
Atlantic Sapphire has announced a private placement for a USD 35 million convertible loan to support its operations and expansion plans. The loan is fully covered through pre-commitments from key insiders and stakeholders, and the company has secured amendments to its existing credit facility with DNB Bank ASA. The Board of Directors believes this financing option is the most viable under current market conditions, despite potential dilution for non-participating shareholders. This move is part of Atlantic Sapphire’s strategy to enhance its financial stability and support its growth in the land-raised salmon farming industry.
More about Atlantic Sapphire
Atlantic Sapphire is a company pioneering land-raised salmon farming with its Bluehouse® technology, aiming to transform protein production globally. The company has been operational since 2011, initially focusing on R&D in Denmark and now expanding its production capabilities in the US, specifically in Homestead, Florida. With a current operational capacity of 7,500-8,500 tons annually, Atlantic Sapphire is working towards a long-term production target of over 100,000 tons.
YTD Price Performance: -57.74%
Average Trading Volume: 88,551
Current Market Cap: NOK276.1M
For a thorough assessment of AASZF stock, go to TipRanks’ Stock Analysis page.