Norse Atlantic Airways Successfully Raises $6.64 Million in New Share Issue

Norse Atlantic Airways, headquartered in Oslo Gardermoen, has concluded its “subsequent offering” with gross proceeds totaling approximately NOK 69.4 million kroner (USD 6.64 million). This offering was designed to accommodate shareholders who did not participate in a private placement conducted last year. While the funds raised are substantial, they fell short of the initial target of about NOK 100 million (USD 9.56 million).

In this subsequent offering, Norse Atlantic Airways made available 9.1 million shares at the same price as in the private placement, which was NOK 11.00 (USD 1.0523) per share. The subscription period for this offering ran from January 12 until the end of the working day on January 24. During this time, the company received valid subscriptions for a total of 6,312,261 shares.

Payment for the subscribed shares is scheduled for January 29. The capital increase resulting from this offering is expected to be officially registered with Norway’s Register of Business Enterprises on or around February 2. Subsequently, the shares will be delivered to the subscribers’ accounts, and it is anticipated that they will commence trading on February 5.

Upon registration, Norse Atlantic Airways’ total issued share capital will amount to NOK 642,619,200 (USD 61,572,918), divided into 128,523,840 shares, each carrying a par value of NOK 5 (USD 0.4788).

It is worth noting that Norse Atlantic Airways had previously raised NOK 613 million (USD 55 million at the time) through a private placement of shares in November. This exceeded the initial estimate of USD 45 million that the airline had indicated it needed to sustain operations during the autumn and winter seasons. Subsequently, the company embarked on the subsequent offering as a strategic move to mitigate the dilutive impact of the private placement.

This successful capital-raising effort signifies a positive step for Norse Atlantic Airways as it continues to strengthen its financial position and advance its goals in the aviation industry.