Business
OneSpaWorld Sends Letter to Shareholders
Urges Shareholders Vote “FOR” Vital $75 Million Equity Financing At Upcoming 2020 Annual Meeting Going Concern Risk If Equity Financing Is Not Approved
About this update from Onespaworld Holdings Limited
[{"type":"text","content":"\nUrges Shareholders Vote “FOR” Vital $75 Million Equity Financing At Upcoming 2020 Annual Meeting\n\n\nGoing Concern Risk If Equity Financing Is Not Approved\n\n 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, today sent a letter to shareholders urging a vote “FOR” the previously announced $75 million equity financing at the Company’s upcoming Annual Meeting currently expected to be held on June 10, 2020.\n\n\nThe letter explains why securing this equity financing is in the best interest of OSW and its shareholders, including why the financing is required for OSW to remain in compliance with its debt facilities at June 30, 2020 and to fund its operations while its business is impaired due to the COVID-19 pandemic.\n\n\nThe text of the letter is below:\n\n\nDear Fellow Shareholders:\n\n\nThe Board of OneSpaWorld (“OSW”) is asking for your vote at our Annual Meeting – currently expected to be held on June 10, 2020 – “FOR” approval of the vital $75 million equity financing announced on April 30, 2020. This financing is essential to fund our operations while our business is impaired due to the COVID-19 pandemic. It will also enable us to remain in compliance with our debt facilities and position us to drive shareholder value as our cruise line partners resume voyages and our destination resorts reopen. Without your approval of this financing, there is substantial doubt about OSW’s ability to continue as a going concern and the value of your shares will be imperiled.\n\n\nYOUR BOARD OF DIRECTORS URGES YOU TO VOTE “FOR” THIS ESSENTIAL EQUITY FINANCING\n\n\nYour Board and management team believe strongly in the future of OSW and its ability to drive shareholder value. Indeed, we began 2020 with outstanding momentum across our business with our global market share at sea at an all-time high of over 90%. The onset of the pandemic significantly impacted our business and the cruise industry on which we are highly dependent. In response, we took immediate action to protect our staff, eliminate non-essential expenditures, preserve our liquidity, support our cruise line partners, and optimize our operating platform. However, the cancellation of all voyages and closing ...