Lindblad Expeditions Holdings is looking to sell its outstanding warrants to provide flexibility in funding future operations and simplify its business.
The Sven-Olof Lindblad-led company today began an exchange offer to turn 4.75 million public warrants and 5.34 million private warrants, held by shareholders, into 3.88 million shares.
The offer will provide 0.385 shares for every warrant at a price of $11.50 per share, issues in connection with the company's initial public offering.
Lindblad is also asking shareholders to amend the warrant agreement so that each warrant is exchanged actually for every 0.36575 shares.
The amendment will come into effect if shareholders follow through on their intent to tender all private warrants.
The offer and consent solicitation will be open through 12 July, if not extended to a later date.
Citigroup Global Markets is the dealer manager for the offer and consent solicitation.
