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OneSpaWorld Holdings Limited Announces Additional Private Warrant Exchanges
NASSAU, Bahamas--(BUSINESS WIRE)-- OneSpaWorld Holdings Limited, (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services
About this update from Onespaworld Holdings Limited
[{"type":"text","content":" NASSAU, Bahamas--(BUSINESS WIRE)--\nOneSpaWorld Holdings Limited, (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, announced today that, in response to unsolicited offers from certain holders of its public warrants (the “Public Warrants”), it has signed additional privately negotiated warrant exchange agreements with such holders of its Public Warrants to exchange the Public Warrants for the Company’s common shares.\n\nThe exchange ratio will be the same as the exchange ratio used in the warrant exchange previously announced on March 13, 2023, and will be determined over a thirty trading day period using a volume-weighted average price measurement. These exchanges, together with the exchanges announced on March 13, 2023, are expected to close on April 25, 2023, subject to customary closing conditions. For each Public Warrant exchanged, the Company will issue a number of common shares equal to the quotient of the warrant price of $1.912 divided by the common share price of $10.74 or an initial exchange ratio of 0.178, with the maximum exchange ratio at the completion of the 30-day volume weighted average price period being no greater than 0.220.\n\nThese additional warrants being exchanged, together with the exchanges announced on March 13, 2023 will reduce the total number of outstanding Public Warrants by 78.2%, to 3,525,284 from 16,145,279.\n\nIn addition, the Company received unsolicited offers from and executed exchange agreements with unaffiliated holders of 797,088 of the Company’s private placement warrants (the “Private Warrants”), which will be exchanged at the same exchange ratio as the Public Warrants. The exchange of the Private Warrants is expected to close at the same time as the exchange of the Public Warrants.\n\nTD Cowen served as a financial advisor to the Company in connection with the additional exchanges.\n\nThis communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law.\n\nAbout OneSpaWorld\n\nHeadquartered in Nassau, Bahamas, OneSpaWorld is one of the largest health and wellne...