Carnival files for ‘at-the-market’ offering of up to $500 million worth of shares

The U.S.-listed shares of Carnival Corp. CCL, -0.37% CCL, -0.31% dropped 1.6% in premarket trading Monday, after the cruise operator said it filed for the sale of up to $500 million worth of its common stock, in an “at-the-market” offering. As previously announced, the company said it plans to use the proceeds from the offering to buy Carnival PLC ordinary shares and for general corporate purposes. Separately, the company said it extended its share repurchase program, which had been expected to end “no later” than Jan. 31, 2022, until April 30, 2022. Carnival’s stock has tumbled 14.4% over the past three months through Friday, while the S&P 500 SPX, +0.46% has slipped 3.8%.