Lindblad Expeditions has earmarked $300m in equity as available for possible sale in various forms through a shelf registration.
The Sven-Olaf Lindblad-led owner of expedition cruiseships has filed a prospectus with the Securities and Exchange Commission that will allow it to sell the equity from "time to time" as either debt securities, common stock, preferred stock and warrants.
Equity may also be offloaded as subscription rights, securities purchase contracts and units, according to the regulatory filing submitted on Monday.
Lindblad Expeditions said it may put any funds from such sales towards "general corporate purposes" or short-term investments.
The New York-listed company's shares gained 8.8% to close at $8.54 on Monday but declined 6.3% in the first 90 minutes of aftermarket trading.
It has a market capitalisation of $426m backed by 49.7m shares outstanding.
Financial fears
The 15-ship company said three weeks ago that it might end up with no money to run its business if it cannot attain further financing amid the coronavirus pandemic.
Lindblad Expeditions held $137m in cash as of 31 March but said this is only enough to stay afloat for another year if it can no longer borrow money, according to a regulatory filing.
The company has suspended its fleet throughout June, but that lay-up may be extended even further, it said.
A lack of financing and revenue may also prevent it from financing its debt, which stands at $359m, according to filings.
Lindblad Expeditions posted a $1.93m deficit attributable to common shareholders for the first quarter, down from a $14.7m profit during the same period last year.
Revenue slid to $81.2m from $89.7m a year earlier, amid cancelled and postponed bookings.
