Atlantic Sapphire has signed a bridge loan agreement of up to $10 million and disclosed that its largest shareholders are preparing a voluntary takeover bid for the Florida-based land-based salmon farmer.
The bridge loan carries a 12% annual interest rate and a 15% establishment fee, the company said. It matures on 15 May, with an extension possible if parties reach agreement on a broader refinancing. The loan takes priority over Atlantic Sapphire’s existing convertible debt.
The investor group behind the financing holds approximately 63% of Atlantic Sapphire’s shares and around 93% of its outstanding convertible loan. As part of broader refinancing discussions, the group has indicated it may launch a voluntary offer for all remaining shares.
The indicative offer price has risen from NOK 0.50 to NOK 0.80 per share. Any offer would be structured to meet mandatory bid requirements under Norwegian securities law, with no minimum acceptance threshold, the company said.
No binding agreement has been reached. The terms of both the potential offer and the refinancing remain under negotiation.
Atlantic Sapphire’s board said the bridge loan adequately secures short-term operations. The 15 May maturity date sets a near-term deadline for the broader deal to take shape. If refinancing terms are agreed, a formal mandatory bid could follow — potentially marking the end of the company’s life as a public entity.
