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Atlantic Sapphire ( (AASZF) ) has shared an update.
Atlantic Sapphire has secured a bridge loan of up to USD 10 million from a group of existing investors, structured in two tranches, carrying a 12% annual interest rate and a 15% origination fee, and ranking senior to the company’s existing convertible loan. The board believes this short-term financing, maturing in May, will satisfactorily support the company’s near-term operations while broader refinancing talks continue.
In parallel, the investor group, which holds a majority of Atlantic Sapphire’s shares and nearly all of its convertible debt, is negotiating a broader refinancing package that may include a voluntary tender offer for remaining shares. Under a non-binding term sheet, the indicated offer price has been raised to NOK 0.80 per share, and any offer would be structured to meet Norwegian mandatory offer rules, signaling a potential shift in ownership structure and further recapitalization, though no binding agreement has yet been reached.
More about Atlantic Sapphire
Atlantic Sapphire ASA is a land-based aquaculture company pioneering Bluehouse salmon farming, focusing on sustainable, land-raised production close to end markets. The group operates in the U.S. with a Phase 1 facility in Homestead, Florida, capable of harvesting up to about 7,500–8,500 tons of salmon annually, and is planning further expansions toward long-term production of more than 100,000 tons.
Average Trading Volume: 92,319
Current Market Cap: NOK43.67M
For an in-depth examination of AASZF stock, go to TipRanks’ Overview page.