NORSE ATLANTIC ASA: Cancellation of subsequent offering

Norse Atlantic ASA said the board has cancelled a planned subsequent offering of up to 12,092,853 shares at NOK 7.6938 after a private placement on 27 October 2025 raised about NOK 113.7m. The company noted the VWAP from 28 Oct–11 Dec was NOK 6.5643, roughly 21.37m shares traded below the subscription price, and the latest close was NOK 6.98, leading the board to conclude existing shareholders had sufficient opportunity to buy shares in the market to mitigate dilution. The cancellation therefore preserves the economics of the private placement while reflecting market pricing below the placement/subscription level.

Analysis

Norse Atlantic ASA's board has cancelled the planned Subsequent Offering of up to 12,092,853 shares at a subscription price of NOK 7.6938 following a Private Placement on 27 October 2025 that raised approximately NOK 113.7 million. The cancelled offering would have been priced equal to the Private Placement's price per share.

Market data between 28 October and 11 December 2025 show a VWAP of NOK 6.5643 and roughly 21.37 million shares traded below the subscription price, with the latest closing price at NOK 6.98—both materially below the placement price. The board concluded existing shareholders had sufficient opportunity to purchase shares in the market at or below the subscription price, and used that rationale to cancel the subsequent tranche.

The cancellation reduces immediate supply-driven dilution from a public follow-on, preserving the economics of the completed private placement, but the persistent discount between market prices and the placement level signals weaker investor demand and a valuation gap. That combination is a neutral-to-cautious signal: it removes short-term issuance overhang yet leaves potential financing risk if additional capital is later required; investors should monitor VWAP, traded volumes and corporate disclosures for any new financing activity.

Key Decisions for Investors

• Treat the cancellation as a reduction in near-term dilution risk but reassess positions because the market VWAP (NOK 6.56) and recent close (NOK 6.98) trade below the NOK 7.6938 placement price
• Do not assume the placement price represents market value; existing shareholders considering buybacks to mitigate dilution should only add on evidence of sustained VWAP/price recovery or improved liquidity
• Monitor company disclosures, weekly VWAP and volume for signs of renewed financing needs and be prepared to hedge or reduce exposure if management announces further equity issuance