Lindblad Expeditions Holdings will have some extra cash coming in during this month's second half.

The New York-based company is set to take in $43.8m on or around July 17 by exercising 9.94 million warrants at 0.385 shares each through an exchange offer that expired 12 July.

Each share, which today gained 1.2% to close at $17.93, sold at $11.50 each.

Lindblad exchanged 98.5% of the warrants but expects to exercise the rest at 0.36575 shares each on or about 1 August through an amendment to the offer.

The company's cash, cash equivalents and restricted cash stood at $101m at 31 March versus $122.2m at the end of 2018.

The decrease was mainly due to $35.1m in equipment and property purchases, including buying two new polar ships.

Lindblad's first-quarter net income came in at $14.7m versus $10.8m during the samwe period last year. The company expects to report second-quarter results on 1 August.