Norse Atlantic ASA: Update on contemplated Subsequent Offering and transfer of listing venue to Euronext Expand
Arendal, 10 March 2023: Reference is made to the stock exchange announcement published by Norse Atlantic ASA (the "Company") on 25 November 2022 regarding completion of the conditional private placement of 120,000,000 shares in the Company (the "Private Placement"), and the announcement of key information relating to a contemplated subsequent offering of up to 60,000,000 new shares in the Company (the "Subsequent Offering") at a subscription price equal to the subscription price in the Private Placement of NOK 2.50 per share (the "Offer Price").
As announced on 25 November 2022, the contemplated Subsequent Offering will be directed towards existing eligible shareholders in the Company as of 24 November 2022 (as registered with the VPS on 28 November 2022) who (i) were not included in the wall-crossing phase of the Private Placement, (ii) were not allocated shares in the Private Placement, and (iii) are not residents in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filing, registration or similar action.
Completion of the contemplated Subsequent Offering will, inter alia, be conditional upon (i) the approval and publication of an offering prospectus (the "Prospectus"), to be approved by the Financial Supervisory Authority of Norway, and (ii) the prevailing trading price of the Company's shares exceeding the Offer Price. The share capital increase pertaining to the issuance of new shares in the Subsequent Offering will be resolved by the board of directors pursuant to the board authorisation granted by the Company's extraordinary general meeting on 9 December 2022.
Subject to the conditions for the Subsequent Offering being met, the subscription period for the Subsequent Offering is expected to commence in April 2023.
Furthermore, as announced in the Company's report for the second half of 2022, as published on 28 February 2023, the Company's board of directors has resolved to initiate a process to transfer the listing venue for the Company's shares from Euronext Growth to Euronext Expand, a regulated market being part of Euronext and operated by Oslo Børs ASA, to reflect the Company's market position and to accommodate for high quality institutional investors. The Company expects the contemplated uplisting of its shares to be completed during the first half of 2023, subject to relevant approvals and prevailing market conditions.
For further information, please contact:
Ben Boiling, Chief Financial Officer
Phone: +47 912 40 945
Email: ben.boiling@flynorse.com
About Norse:
Norse Atlantic Airways is a new airline that offers affordable fares on long -haul flights between Europe and the United States. The Company was founded by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of 15 modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners that will serve destinations including New York, Los Angeles, Fort Lauderdale, Orlando, Boston, San Francisco, Washington DC, Oslo, London, Rome, Berlin and Paris. The Company's first flight took off from Oslo to New York on June 14, 2022.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act and the Euronext Growth Rule Book part II.