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While on shore leave, sailor Johnny Drake (Dennis Hopper) becomes enamored of Mora (Linda Lawson), a young woman who works as a "mermaid" at a sideshow attraction. But for Mora it's no act, she actually believes that she really is a mermaid.
A young sailor falls in love with a mysterious woman performing as a mermaid at the local carnival. He soon comes to suspect the girl might be a real mermaid who draws men to watery deaths during the full moon.