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Wikborg Rein assisting Norse Atlantic in subsequent offering and uplisting


We have assisted Norse Atlantic ASA ("Norse") with a successful "repair offering" of shares and subsequent uplisting of the company's shares the Oslo Børs market Euronext Expand.

The repair offering consisted of an offer of 60,000,000 new shares to eligible shareholders in Norse, raising gross proceeds of approx. MNOK 150. The repair offering was carried out in connection with a successful private placement completed in November 2022 raising gross proceeds of approx. MNOK 300/MUSD 30, in order to ensure the equal treatment of the existing shareholders. WR also assisted on the initial private placement.

Furthermore, we assisted Norse with the parallel process of transferring the trading venue for Norse's shares from Euronext Growth to the regulated market Euronext Expand. The parallel process comprised the preparation of a listing prospectus and two prospectus supplements, as well as a reverse share split of the Norse shares, in addition to and simultaneously with the share capital increase pertaining to the repair offering, resulting in a technical and complicated process.

Norse was approved for the uplisting by Oslo Børs' on 26 April 2023, and has its first day of trading on Euronext Expand on 28 April 2023. Due to logistical reasons, Norse pre-recorded the bell ringing ceremony on 24 April 2023, with a flight crew, management and representatives from WR present. The video is available here.

The listing activity on the OSE market places has been limited so far this year. WR has assisted on all three listing processes on the regulated markets (Norse, Seacrest for the issuer, and as independent due diligence advisor for Otovo).

Norse Atlantic Airways is a new airline that offers affordable fares on long-haul flights, primarily 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 serve destinations including New York, Los Angeles, Fort Lauderdale, Orlando, Washington DC, San Francisco, Boston, Oslo, London, Berlin, Rome and Paris. The Company's first flight took off from Oslo to New York on June 14, 2022.

The WR team comprised Karoline Angell, Camilla Perona Fjeldstad, Ole Martin Drevvatne, and Dag Erik Rasmussen.

Read more at:

Profile image of Dag Erik Rasmussen
Dag Erik Rasmussen
E-mail der@wr.no
Profile image of Ole Martin Drevvatne
Ole Martin Drevvatne
Managing Associate
E-mail omd@wr.no
Profile image of Camilla Perona Fjeldstad
Camilla Perona Fjeldstad
E-mail cpf@wr.no
Profile image of Karoline Angell
Karoline Angell
Senior Associate
E-mail ang@wr.no

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