Proximar Seafood halts trading as it seeks emergency financing through 2027
Proximar Seafood announced that its shares are suspended while the company looks for new funding after its liquidity ran out at the end of the month.
Proximar Seafood disclosed that its stock is now trading-halted pending a company announcement. The firm reported that its liquidity was depleted by the end of one outlet month, prompting a search for additional capital to sustain activities until 2027. A substantial loan held by its Japanese subsidiary is being deferred to August 2027, according to the notice.
The company also failed to pay interest on a convertible bond and is in discussions with principal investors, assisted by ABG Sundal Collier, to secure further funding. The financing strain stems from lower-than-expected earnings and changed sales conditions. Management said that, despite the crisis, production will be maintained under strict oversight while negotiations continue.
Why it matters
The funding gap threatens the continuity of a major Norwegian aquaculture producer and could affect supply chains and investors.
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