DNB Markets and Arctic Securities have been engaged to explore funding routes after the company revealed it had breached the terms of its loan agreement.
Atlantic Sapphire’s share price crashed on the Oslo Stock Exchange on Friday morning as investors reacted to the news the company had breached the terms of its loan agreement.
Read more: Troubled land-based salmon farmer breaches loan agreement
Shares collapsed from NOK 4.5 to below NOK 3.0, a drop of more than 30 percent from the closing price on Thursday.
The land-based salmon producer harvested 870 metric tons of salmon by June 30, a decline of 29 percent on the previous year.
Meanwhile, revenue stood at $8.1 million, a 17 percent drop compared to the preceding year.
DNB Markets and Arctic Securities have been engaged to explore potential funding routes to ensure a sufficiently large cash buffer.
The largest existing shareholders represented on the Board of Directors, including Nordlaks, EW Group and Strawberry, have already indicated their continued financial support in the event of a funding round, according to the company.
