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Cruise News for the Corporate Travel Professional

August 2010 Edition

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Windstar parent OKs reverse stock split but delisting

notice looms

Ambassadors International shareholders approved a reverse stock split aimed at raising the price of shares to enable the company to meet the NASDAQ’s $1 minimum bid listing requirement.

But the parent of Windstar Cruises has notified the market that it likely will not meet a rule requiring stockholders’ equity of at least $10m when the company reports its second quarter financial results.

In a filing, Ambassadors said it expects to receive a notice from NASDAQ about the deficiency. The company said its management and board are discussing how to address the anticipated non-compliance.

Shareholders at Ambassadors’ annual meeting voted for the reverse stock split at the board-recommended ratio of one for eight. They also approved reducing the number of authorized shares of common stock to 5m.

The split is intended to enable Ambassadors to increase the trading value of AMIE, allowing it to meet the NASDAQ’s minimum bid requirement. The market’s Listing Qualifications Panel earlier ruled that Ambassadors must have a closing bid price of at least $1 for at least 10 consecutive days by Sept. 10, and set other conditions.

AMIE closed at 43 cents on Wednesday.

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