Holders were invited to exchange each warrant for 0.385 shares of common stock and were entitled to purchase shares for $11.50.
Nearly 10m warrants tendered
When the exchange offer expired on July 12, 9.935m outstanding warrants, or approximately 98.5%, were tendered and not withdrawn. They will be exchanged for common stock on or about July 17.
In addition, Lindblad received the approval of approximately 98.5% of the outstanding warrants to amend the warrant agreement. The amended agreement gives the company the right to require the holders of warrants not tendered in the exchange offer to exchange their warrants for stock at a ratio of 0.36575 shares for each warrant.
Lindblad plans to exercise this right, and the exchange is expected to take place on or about Aug. 1.
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