Land-based salmon farmer Atlantic Sapphire seeks another $35 million

Editorial Staff

This fundraising follows a previous attempt in November, which fell short of its goal.

Troubled land-based salmon farmer Atlantic Sapphire is seeking to raise $35 million through a new share sale to complete the first phase of its Miami farm and for general corporate purposes.

Shareholders Nordlaks Holding, Strawberry Equities, and Blue Future Holding have committed to the share sale, accounting for about 42% of the total amount sought.

If the issue is succesful, the company has received approval from DNB Bank for changes to its existing debt agreements. These changes include extending the loan’s due date from April 2025 to October 2026, lowering loan payments for 2024 by half, and making more funds available for borrowing. These adjustments aim to ease Atlantic Sapphire’s financial obligations and support its budget plans.

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The Miami-based company has faced challenges such as elevated water temperatures at its Miami facility, impacting growth and harvest.

Atlantic Sapphire has a history of raising significant capital. The new funding aims to stabilize the company and support its expansion to a capacity of 25,000 metric tons.

In 2023, the company harvested 1,545 metric tons, slightly below its target.


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