Prenumeration
Beskrivning
| Land | Finland |
|---|---|
| Lista | First North Finland |
| Sektor | Handel & varor |
| Industri | Dagligvaror |
FIFAX Plc, Company announcement, inside information, 7 May 2025, at 17:45 p.m. EEST
FIFAX Plc's ("Fifax" or the "Company") board has decided to apply for corporate restructuring proceedings for the Company. The application for corporate restructuring has been submitted to the district court of Åland on May 7th 2025.
As has been reported in connection to the annual report 2024, the farming conditions during the re-start have, however, contributed to an adverse variation in fish stock growth and size spread. This has affected the upscaling of deliveries and revenue, which further contributes to the need for additional financing. The liquidity position has at the same time deteriorated rapidly for the reasons that the Company announced on April 30th 2025, which has prompted the decision to apply for corporate restructuring.
The restart of operations after the IHN virus outbreak at the facility in 2022 is however, deemed to be progressing well, and the fish stock has reached approximately 900 tons, which corresponds to the facility's full capacity. This provides a good basis for the continued operations.
Creditors, who together represent over a fifth of the company's debts, support the initiation of the restructuring process. The company is also continuing to explore options to strengthen its liquidity and financial position.
For more information:
Samppa Ruohtula
CEO, FIFAX Plc
+358 40 559 8812
samppa.ruohtula@fifax.ax
Certified Advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098
Fifax in brief
Fifax’s vision is to be a forerunner in large-scale sustainable fish farming with a minimal impact on the environment, so that locally and sustainably produced fish can be enjoyed by its customers all year round.
Established in 2012, Fifax utilizes ultra-intensive Recirculating Aquaculture Systems (RAS) technology based on the principle of an almost completely closed water circulation within the facility, where the fish live in large land-based indoor tanks. Indoor tanks better safeguard against external factors, and the environmental impact and pollution from the facility is significantly lower when compared to traditional fish farming in water bodies.
Fifax Plc’s shares have been listed in Nasdaq First North Growth Market Finland.