Land-based salmon farmer Atlantic Sapphire's shares took a massive jump Friday as the company closes in on its move to the Oslo Stock Exchange.
The company's share price is up 17 percent to NOK 114.50 (€10.00/$11.00) per share since the market closed on April 29, setting the company's current market capitalization at NOK 8.1 billion (€713 million/$780 million).
The shares of Atlantic Sapphire are expected to be listed on the Oslo Stock Exchange on May 5, however no new shares will be offered with this move.
The move comes as part of a financing agreement in which the company secured a $210 million (€194 million) senior secured credit facility with the largest seafood lender, DNB, to refinance its existing debt and complete the construction of its facility in Miami.
Atlantic Sapphire will have to meet certain listing requirements prior to the first day of listing, according to stock exchange officials.
Arctic Securities and seafood's largest lender DNB are acting as joint global coordinators for the listing.
Atlantic Sapphire's Miami facility is projected to produce 220,000 metric tons of salmon by 2031. The first market-sized fish are scheduled for harvest this summer, with a total of 5,000 metric tons projected for harvest by the end of the year.