Atlantic Sapphire

Pre-Annual General Meeting Information • May 2, 2024

Atlantic Sapphire ASA: Notice of Annual General Meeting and Cancellation of Subsequent Repair Offering

Atlantic Sapphire ASA: Notice of Annual General Meeting and Cancellation of Subsequent Repair Offering

Miami, FL, 2 May 2024

The annual general meeting of Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company") will be held electronically on 23 May 2024 at 11:00 EST / 17:00 CEST. The notice with the full agenda is attached both in Norwegian and English, and contains the following attachments: (1) The Company's board of directors proposals for resolutions in item 4-15, (2) the shareholders' rights, participation and proxy and (3) registration and proxy form. Further information on how to participate electronically in the annual general meeting has been made available on the Company's website www.atlanticsapphire.com.

Cancellation of subsequent repair offering

Reference is made to the stock exchange announcement made by the Company on 29 February regarding the successfully completed private placement and the potential subsequent offering of up to 45,000,000 new shares in the Company at a subscription price of NOK 1.20 per new share (the "Subsequent Offering").

The purpose of the Subsequent Offering was to limit the dilutive effect for shareholders who did not participate in the private placement. Following the announcement, the shares have been traded at or below the subscription price in the Subsequent Offering. The share price traded at NOK 0.91 as of end of the last trading day on 30 April 2024, which represented a discount of approximately 24% compared to the subscription price in the Subsequent Offering. Accordingly, shareholders wishing to reduce the dilutive effect of the private placement have had the opportunity to purchase shares in the Company in the market at or below the subscription price in the Subsequent Offering. As a result of this, the Company's Board of Directors has resolved to not proceed with the Subsequent Offering.

For further information, please contact:

Johan E. Andreassen, CEO;

or

Karl Øystein Øyehaug, CFO

investorrelations@atlanticsapphire.com

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 approximately 10,000 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.