Atlantic Sapphire shareholders approve convertible loan, capital adjustments

Atlantic Sapphire ASA’s extraordinary general meeting, held digitally on September 30, 2025, approved a convertible loan of $59,246,066. This includes the capitalization of a bridge loan and an existing convertible loan. The loan will carry a PIK-interest of 10.00% per annum, with conversion rights exercisable at NOK 10.00 per share starting one year after the disbursement date. Shareholder pre-emptive rights for this loan were deviated from. Key investors such as Condire Management LP ($31,082,927), Nordlaks Holding AS ($13,466,260), and Strawberry Capital AS ($4,088,130) subscribed to the convertible loan.

The meeting also sanctioned a share capital reduction of NOK 340,613,427.50, decreasing the par value from NOK 10 per share to NOK 0.50. This reduction amount will be transferred to other equity. An authorization to increase share capital by up to NOK 8,963,511 was granted for general purposes and an option program, covering 17,927,022 new shares post-reduction.

Furthermore, authorization was given to raise additional convertible loans up to $150,000,000. Primary insiders, including chief executive Pedro Courard and chief operating officer Peter DeQuattro, also participated in the convertible loan subscription for $57,500 and $28,750, respectively. The proposal for the acquisition of independent subscription rights was withdrawn by the board.