OneSpaWorld Announces Completion of Warrant Conversion and Further Enhancements to its Capital Structure

OneSpaWorld Holdings Limited, (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, announced today that all remaining public warrants have been converted into common shares and exercised or canceled, generating $52.1 million in new cash proceeds for the Company.

Leonard Fluxman, Executive Chairman, Chief Executive Officer and President of OneSpaWorld, commented, “March 19^th marked an important milestone for the Company, as we celebrated our five-year anniversary as a public Company and concluded a highly successful period for OneSpaWorld. Indeed, since the time of our de-SPAC, we not only demonstrated our power to operate a complex business model in all types of environments, culminating in a record fiscal year in 2023, we also built upon our strengths and capabilities to provide for our future growth while utilizing our free cash flow generation to significantly reduce debt, complete a warrant exchange and repurchase our common shares. Today, we announced the completion of our public warrant conversion, yet another key accomplishment for our Company. These actions combined with the exit of ownership by our private equity investor, Steiner Leisure Limited allows us to move forward with a simplified capital structure, increased trading liquidity and increased public float for the benefit of our shareholders.”

Fluxman added, “We continue to be excited about our business outlook as the robust trends we experienced in 2023 have continued into 2024. The momentum for cruising remains strong, and we continue to add new health and wellness centers to our fold and forge new and extended agreements with our partners, most recently with Royal Caribbean and Celebrity Cruises. We believe our strategies have us poised to take our superior guest experiences to a higher level of performance to drive continued increases in key operating metrics at our health and wellness centers. We continue to expect fiscal 2024 to represent another record year for OneSpaWorld, and importantly, increase value for our stakeholders. We remain confident in our ability to deliver consistent and sustained long term revenue and profit growth.”