The completed phase 1 of Atlantic Sapphire's salmon farm on the right of the picture, and the incomplete phase 2, left. Work on phase 2 was paused when the company ran out of money.

Photo: Atlantic Sapphire

Atlantic Sapphire applies for delisting as owner mops up outstanding shares

Editorial team Editorial team

Published October 13, 2026 - 9:46 a.m.

Land-based salmon farmer Atlantic Sapphire today applied to delist from the Oslo stock exchange after majority owner Coral HoldCo AS carried out the compulsory purchase of the 0.97% of shares that it didn’t already own.

Atlantic Sapphire is a Norwegian company that operates a recirculating aquaculture system (RAS) facility in Miami-Dade County in Florida, in the United States.

Changing status from a public to a private company means, among other things, that Atlantic Sapphire will not be able to raise capital from the public, but after years of losses it had already reached that point in a practical sense.

$26m invested since March

Coral HoldCo was formed by shareholders Condire Management L.P., Nordlaks Holding AS, Strawberry Capital AS, Nokomis Capital Master Fund, L.P. and Joh. Johannson Eiendom AS, known collectively as the Investor Group, who have stumped up US $26 million in convertible loans since March to keep the company afloat.

Exercising the option to convert the loans into new shares gave Coral HoldCo a 99.03% ownership stake. A shareholder has the right to compulsorily buy out other stakeholders once it acquires more than 90% of equity.