Atlantic Sapphire

Declaration of Voting Results & Voting Rights Announcements • Oct 7, 2024

Atlantic Sapphire ASA: Disclosure of large shareholding and holdings of warrants

Atlantic Sapphire ASA: Disclosure of large shareholding and holdings of warrants

Miami, FL, 7 October 2024

Reference is made to the stock exchange announcement on 6 October 2024 from Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company", and together with its consolidated subsidiaries, the "Group"), regarding the final results of the rights issue (the "Rights Issue"), in which the Company shall issue in total 6,417,000,001 new shares (the "Offer Shares"), as further described in the Company's stock exchange notice dated 6 October 2024. In addition, the Company will issue 7,486,500,058 warrants to subscribers in the Rights Issue, the underwriters, and lenders in the convertible loan resolved to be issued by the Company (the "Warrants").

Nordlaks Holding AS has been allocated 982,649,748 Offer Shares in the Rights Issue. Following completion of the Rights Issue, Nordlaks Holding AS will hold a total of 997,166,552 shares in the Company, representing 15.27% of the outstanding shares and voting rights in the Company, and will thereby exceed the 15% threshold pursuant to section 4-2 of the Norwegian Securities Trading Act.

The information above is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 4-2 and 5-12.

Further, the Company has been informed that the following investors will, upon completion of the Rights Issue, have notifiable holdings of Warrants pursuant to articles of the Company's articles of association:

- Nordlaks Holding AS has been granted a total of 1,293,449,874 Warrants, which implies that such Warrants represent 9.23% of the Company's share capital as if all 7,486,500,058 outstanding Warrants issued by the Company are exercised (and 19.81% of the Company's registered share capital excluding any shares issued for outstanding Warrants);

- Strawberry Capital AS has been granted a total of 560,674,991 Warrants, which implies that such Warrants represent 4.00% of the Company's share capital as if all 7,486,500,058 outstanding Warrants issued by the Company are exercised (and 8.59% of the Company's registered share capital excluding any shares issued for outstanding Warrants); and

- Joh Johannson Eiendom AS has been granted a total of 464,799,849 which implies that such Warrants represent 3.32% of the Company's share capital as if all 7,486,500,058 outstanding Warrants issued by the Company are exercised (and 7.12% of the Company's registered share capital excluding any shares issued for outstanding Warrants).

Each of the Warrants give the holder the right to require issuance of new share the Company at exercise prices between NOK 0.115 to NOK 0.13 (or as subsequently adjusted), depending on when the Warrants are exercised.

In addition, Condire Management L.P. and Nokomis Capital, LLC will make separate disclosures on their holdings of shares and Warrants.

For further information, please contact:

Gunnar Aasbø-Skinderhaug, Atlantic Sapphire ASA, Deputy CEO/ CFO

Gunnar@atlanticsapphire.com

Investorrelations@atlanticsapphire.com

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About Atlantic Sapphire ASA:

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire operated its innovation center in Denmark from 2011 until 2021 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer. 

In the US, the Company holds the requisite permits and patents to construct its Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in operation, which provides the capacity to harvest up to approximately 9,500 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons and has a long-term targeted harvest volume of 220,000 tons.