Hotel Brand Selina Seeks to Fix Unwieldy Cash Burn
Photo Caption: A space at Selina's hotel in the Chelsea neighborhood of New York City. Source: Selina.
Skift Take
Selina is like a Tesla Roadster sportscar driving down California's Highway 101 on a sunny day while a malfunctioning hood is popping open and the battery's struggling to hold its charge. Everything's fixable, and the views are great. But repairs are urgent.
Selina was one of about a dozen travel companies that went public last year by merging with blank check companies called special purpose acquisition companies (SPACs). Most have since been in the doldrums.
For instance, Sonder and Vacasa this month received notices from their stock exchange, Nasdaq threatening de-listing if they can't boost their share prices.
Selina's financial update on Monday suggested it had an opportunity to avoid a similar scenario and potentially push its share price back closer to its initial public offering price of $9.75 last October. Its share price has stayed above the $1 a share threshold — and was at about $1.50 per share on Monday.
The big problem? Selina said it
