Atlantic Sapphire

Share Issue/Capital Change • May 19, 2023

Atlantic Sapphire ASA: Share Capital Increase Registered

Atlantic Sapphire ASA: Share Capital Increase Registered

Miami, FL, 19 May 2023

Reference is made to the stock exchange announcement by Atlantic Sapphire ASA (the "Company") on 28 April 2023 regarding the results of a subsequent offering of up to 20,000,000 new shares in the Company (the "Subsequent Offering" and the "Offer Shares"). Following the expiry of the subscription period in the Subsequent Offering, the Board of Directors resolved to allocate a total of 6,706,606 Offer Shares and to increase the Company's share capital with NOK 670,661.60 through the issuance of 6,706,606 Offer Shares, each with a par value of NOK 0.10.

The share capital increase pertaining to the Subsequent Offering has now been registered with the Norwegian Register of Business Enterprises. The new share capital is NOK 27,897,301.50 divided by 278,973,015 shares, each with a par value of NOK 0.10.

The Offer Shares are expected to be delivered to investors on or about 22 May 2023. The Offer Shares will be tradable upon delivery.

DNB Markets, a part of DNB Bank ASA, acts as Sole Global Coordinator and Joint Bookrunner and Carnegie AS acts as Joint Bookrunner in the Subsequent Offering (jointly, the "Managers"). Advokatfirmaet CLP DA is acting as legal advisor for the Company in connection with the Subsequent Offering. Advokatfirmaet BAHR AS is acting as legal advisor for the Managers in connection with the Subsequent Offering.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC;

Karl Øystein Øyehaug

Managing Director, Atlantic Sapphire ASA, and Chief Financial Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 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 has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, 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.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.