PLAY (Iceland) (OG, Reykjavik Keflavik) obtained the green light at a recent annual general meeting to increase its share capital by up to 1.2 billion shares, each with a nominal value of ISK1 króna (USD 0.0073) and proceed with a cash injection from existing shareholders as well as a public offering of new shares, a measure that was announced in February.

The carrier said in a statement that one million shares at a subscription rate of ISK4.50 (USD0.0327) per share will be used for subscription commitments worth ISK4.5 billion (USD32.7 million) from existing shareholders and other investors, while, up to 111,111,112 shares, also at ISK4.50 per share, will be offered in a public issue that will take place on April 9 to 11 targeting up to ISK500 million (USD3.6 million).

In case of oversubscription, “to secure shareholder equality, current shareholders other than those who have already subscribed for new shares will have priority for subscription,” the airline said.

The company previously said it planned to list on Iceland's main stock exchange by the end of February. It has since said, however, that "the uplisting of PLAY’s shares to the Nasdaq Main Market in Iceland is expected to conclude before the end of the second quarter, and the preparation is progressing as planned." In mid-February, it said it had paused fleet growth to ensure financial liquidity.