Norse Atlantic cancels subsequent share offering amid falling market price

Norse Atlantic ASA announced the cancellation of its subsequent offering of up to 12,092,853 new shares, initially priced at NOK 7.6938 per share. This offering was intended to follow a private placement that raised gross proceeds of approximately NOK 113.7m, announced on October 27, 2025.

The decision was made as the volume-weighted average price per share between October 28 and December 11, 2025, was NOK 6.5643, significantly below the subscription price. Approximately 21.37m shares traded below this price on Euronext Expand during the period.

Additionally, the latest closing price on Euronext Expand was NOK 6.98, also below the subsequent offering's subscription price. The board concluded that existing shareholders had ample opportunity to mitigate dilution by purchasing shares in the market at or below the offering price.