Norwegian Cruise Line Goes for Quick Cash Grab With $30 Stock Offering
Cruise ship operator Norwegian Cruise Line Holdings (NYSE: NCLH) sought to take advantage of a rebound in its stock price with a public offering of 47.58 million shares. The cruise operator's ships are still stuck in port, but its stock has quadrupled from its year-ago low point on hopes of returning to the high seas soon. While the offering is not a bad move by Norwegian because it ensures the cruise ship operator can raise a lot of money quickly -- there's also an additional 5 million share over-allotment as well -- it does amount to a serious dilution of existing shareholders as the offering represents over 15% of Norwegian's outstanding stock.
