Shareholders of Atlantic Sapphire, the Florida-headquartered land-based salmon farming company, have approved a $64 million capital raise, the company announced on Tuesday.
The move is part of a broader financial package aimed at bringing the first phase of its Miami-based facility to profitability.
Initially set at $60 million, the stock sale was increased to $64 million to provide additional buffer capital. The decision followed discussions with underwriters, with the extra funds intended to bolster the company’s production of land-based farmed salmon fillets.
Atlantic Sapphire is currently focused on expanding its operations at the Miami Bluehouse facility. The first phase of the site, which has the capacity to produce 9,500 tons of salmon annually, is operational. The company’s second phase is under construction and is expected to increase total capacity to 25,000 tons per year, with long-term plans targeting 220,000 tons.
