Miami, Florida, March 23, 2026
Reference is made to the stock exchange notice released by Atlantic Sapphire ASA
("Atlantic Sapphire" or the "Company") on February 6, 2026 whereby the Company
informed that it was evaluating options to secure necessary liquidity. Since
then, Atlantic Sapphire has continued to refine its budgets and concluded that,
based on an elevated level of market uncertainty and required buffer, the
Company needs USD 25-30 million in order to have sufficient headroom to be able
to achieve EBITDA break-even on its Phase 1 operations.
The Company is progressing discussions with its largest shareholders and key
stakeholders to secure such financing. Although the Company expects to reach an
agreement with the relevant parties, no conclusion has been reached to date.
Based on the current state of negotiations, the Board of Directors of Atlantic
Sapphire believe it is reasonable, with significant revisions to the Company's
capital structure, to be able to attract and secure new capital to the business.
If the Company has not been able to resolve its near-term liquidity requirement
by March 31, 2026, it will be in technical default of certain of its agreements
with lenders.
In connection with the financial calendar amendment published today, the Company
has extended its current closed period to facilitate that certain key
shareholders may enter into an agreement regarding the financing of the Company.
As a result, the publication date for the Annual Financial Accounts for the
financial year ending 31 December 2025 has been amended from 23 April 2026 to 30
April 2026. All other dates in the financial calendar remain unchanged.
The Company will share further information in due course.
For further information, please contact:
Gunnar Aasbø-Skinderhaug, 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.