Proximar Seafood's convertible bond conversion price adjusted after rights issue

Proximar Seafood AS announced an adjustment to the conversion price for its NOK 300,000,000 convertible bonds 2022/2025. This adjustment follows a recently completed rights issue, approved on September 17, 2025, which saw 150,000,000 shares subscribed at NOK 1 per share. Additionally, 13,500,000 new shares were issued at NOK 1 each to underwriters as settlement for their commission.

Nordic Trustee AS, acting as bond trustee, confirmed the conversion price adjustment in accordance with Clause 13.1 of the bond terms. The new conversion price has been reduced from NOK 3.8475 to NOK 2.6593, effective from October 1, 2025. This change directly impacts the terms under which bondholders can convert their bonds into Proximar Seafood shares.

The original bond terms were established on October 21, 2022, with the bonds issued on October 25, 2022. The adjustment reflects the dilution from the recent share issuances and aims to maintain equitable conversion rights for bondholders.