Aquaculture company Atlantic Sapphire announced on March 23 that it requires between $25 million and $30 million in additional funding to maintain its operations. This capital is intended to provide enough liquidity for the business to reach an EBITDA break-even point for its phase one facility.
The Miami-based firm is currently in negotiations with its primary shareholders and stakeholders to obtain the necessary financing. While no final agreement has been reached, the board of directors believes it is reasonable to expect new capital can be secured through changes to the capital structure.
Following an update to its financial calendar, the group has extended its closed period to allow major investors to finalise a funding deal.
The publication date for the annual financial accounts for the year ending December 31, 2025, has been moved from April 23 to April 30. All other dates previously scheduled in the financial calendar remain the same, according to the statement.
The company first disclosed it was exploring options for liquidity in a notice issued on February 6. Since that time, budgets have been refined to account for market uncertainty and the requirement for a financial buffer.
It warned that the failure to resolve these liquidity requirements by March 31 could result in a technical default on several agreements with lenders.