As of December 31, 2020, Royal Caribbean Cruises announced it sold 13,045,927 shares of the company’s common stock under its “at-the-market” equity offering program  that was announced on December 3, 2020, and exhausted the program in full.

The company received aggregate gross proceeds of $1.0 billion from the ATM Offering.

As previously disclosed, the net proceeds from the ATM Offering will be used for general corporate purposes.

With most ships still laid up, the company is burning through an average of $270 million per month, per company estimates.

“Our cash burn rate for the quarter was consistent with our previously announced range when excluding cash refunds of customer deposits, commissions, debt obligations, cash inflows from new and existing bookings and fees and collateral postings related to our financing and hedging activities,” the company said, in a previous statement.