SUPPLEMENT NO. 2
TO
PROSPECTUS DATED MAY 11, 1998
COMMODORE HOLDINGS LIMITED
The section "Description of Securities - Public Warrants" is amended to
include the following information:
Each two Public Warrants entitle the holder to purchase one share of Common
Stock at an exercise price of $5.65 per share. The Public Warrants may be
exercised only in pairs. The Public Warrants may be redeemed by the Company
at any time, at a redemption price of $.05 per Public Warrant upon 25 days
prior written notice, provided the average closing bid price of the Common
Stock for 20 consecutive trading days ending not more than 15 days prior to
the date of any redemption is in excess of 150% of the exercise price of
the Public Warrants, which is currently $8.48. The exercise price and
redemption threshold for the Public Warrants have been reduced as a result
of adjustments for certain events that triggered the anti-dilution
provisions in the Public Warrants.
