Ambassadors International Inc. said Friday that it is seeking regulatory approval for a secondary offering of 2.2 million shares of its common stock, including 218,000 shares to be sold by several shareholders.
The travel services company has not priced the stock. At Friday’s closing price of $24.88 on the Nasdaq market, the offering would raise a total of $49.8 for the company and $5.4 million for the shareholders.
Ambassadors’ Friday closing price was off 63 cents for the day.
The company said proceeds would be used for acquisitions and general corporate expenses.