Business
OneSpaWorld Shareholders Overwhelmingly Approve $75 Million Equity Financing
Financing Expected To Sustain Company Operations For Up To 24 Months NASSAU, Bahamas--(BUSINESS WIRE)-- OneSpaWorld Holdings Limited (NASDAQ: OSW), the
About this update from Onespaworld Holdings Limited
[{"type":"text","content":"\nFinancing Expected To Sustain Company Operations For Up To 24 Months\n\n NASSAU, Bahamas--(BUSINESS WIRE)--\nOneSpaWorld Holdings Limited (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services onboard cruise ships and in destination resorts around the world, today announced that, based on preliminary voting results at today’s 2020 Annual Meeting of Shareholders, OneSpaWorld shareholders have approved the $75 million equity financing. More than two-thirds of the votes cast supported the private placement, which is expected to close on June 12. Shareholders also re-elected the three OneSpaWorld Board nominees.\n\n\nLeonard Fluxman, Executive Chairman, said, “We are thrilled with this outcome and grateful to our shareholders who supported the Board and management team in their efforts to secure the best committed financing option available under the most dire of circumstances. Approval of this financing ensures that OneSpaWorld will remain compliant with our debt covenant as of June 30 and provides us with the certain liquidity necessary to sustain our operations for up to 24 months if current unprecedented conditions persist. We are now in a position to seamlessly ramp operations and focus the team on executing value-driving initiatives when our cruise line partners are permitted to resume sailing and our destination resort partners reopen.”\n\n\nOnce certified by the independent inspector of elections, the Company will file the voting results of the 2020 Annual Meeting on a Form 8-K with the Securities and Exchange Commission to be made available on OneSpaWorld’s investor website at https://onespaworld.com/investor-relations/.\n\n\nAbout OneSpaWorld\n\n\nHeadquartered in Nassau, Bahamas, OneSpaWorld is one of the largest health and wellness services companies in the world. OneSpaWorld’s distinguished spas offer guests a comprehensive suite of premium health, wellness, fitness and beauty services, treatments, and products currently onboard 175 cruise ships and at 68 destination resorts around the world. OneSpaWorld holds the leading market position within the fast-growing international leisure market and has been built upon its exceptional service standards, expansive global recruitment, training and logistics platforms, and history of service and product innovation that has enhanced its gues...