Hofseth BioCare has raised approximately NOK 144.5 million (€12.7 million) through a private placement of 111.2 million new shares, with part of the proceeds used to convert existing debt into equity.
The Norwegian marine ingredients company priced the shares at NOK 1.30 (€0.11) each, matching the closing market price on 26 June. Around NOK 66.5 million (€5.9 million) of the total will be settled through the conversion of receivables owed by the company, while the remaining NOK 78.0 million (€6.9 million) will be paid in cash.
The company said the net proceeds will be used to provide growth capital, strengthen its balance sheet and for general corporate purposes.
The placement attracted support from existing shareholders and company insiders. Scatterty Holdings subscribed for 38.5 million shares for NOK 50 million (€4.4 million), while Hofseth International AS, the company’s largest shareholder, subscribed for 30.4 million shares for NOK 39.5 million (€3.5 million).
Chief executive Jon Olav Ødegård and chief commercial officer James Berger each subscribed for NOK 8.25 million (€726,000), while board member Christoph Baldegger invested NOK 4 million (€352,000).
The issue will be completed in two tranches. The first comprises 78.3 million shares issued under an existing board authorisation granted at the company’s annual general meeting in November 2025. The second tranche of 32.8 million shares remains subject to shareholder approval at an extraordinary general meeting expected to be held on or around 30 July.
Trading in the first tranche is expected to begin on or around 2 July, while the second tranche is expected to be admitted to trading during the third quarter, subject to approval.
The board said it had resolved to waive existing shareholders’ preferential subscription rights, arguing that the private placement provided a more efficient method of raising capital with lower execution risk than a rights issue. It also decided not to conduct a subsequent repair offering, noting that the subscription price was equal to the latest market price.
Following completion of both tranches, Hofseth BioCare will have 506.2 million ordinary shares outstanding.
Shareholders at the extraordinary general meeting will also be asked to approve amendments to the rights attached to the company’s Class B preference shares.
Advokatfirmaet CLP DA acted as legal adviser to the company.
