Sea Venture Cruises public stock offering became effective last Friday and could generate up to $6.6 million in funds. The cruise line, which postponed its initial season in Alaska this summer, should be able to launch the 360-pax Sea Venture in Tahiti for seven-day inter-island cruises next winter.
Sea Venture's first prospectus stated that "the company's continued operation defends primarily upon the successful completion of this offering," when it was issued before the October 19, 1987 stock market crash.
Profile Investments Corporation of Miami is the major underwriter for the IPO and has priced each unit of four common shares of stock at $10. The shares will trade on the NASDAQ exchange under the symbol "Crus." Profile Investments has also decided to offer investors the option of purchasing a warrant to buy additional shares at a pre-fixed price for each full unit of four common shares they buy.