Why OneSpaWorld Stock Skyrocketed Today

Shares of OneSpaWorld (NASDAQ: OSW) have skyrocketed today, up by 23% as of 12:40 p.m. EDT, after the company announced that it had received a $75 million investment. OneSpaWorld's largest current shareholder, Steiner Leisure, will provide a cash infusion to help prop it up.

OneSpaWorld, which operates spas and wellness centers on cruise ships and at destination resorts, has been hit hard by the coronavirus outbreak that has shut down the vast majority of discretionary travel worldwide. The company said last month that it had furloughed 96% of workers at destination resorts in the U.S. and Caribbean, and repatriated 25% of all cruise ship employees. OneSpaWorld also suspended its dividend program in order to preserve cash.

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Source Fool.com