June 17, 2008
Navios "blank check" company plans $220 million IPO
Piraeus-headquartered Navios Maritime Holdings Inc. (NYSE: NM) says that it is the sponsor and corporate shareholder of Navios Maritime Acquisition Corporation ("Navios Acquisition"), a newly organized "blank check" company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, one or more assets or operating businesses in the marine transportation and logistics industries.
Navios Acquisition filed today with the U.S. Securities and Exchange Commission a registration statement on Form F-1 for the initial public offering of 22,000,000 units. Each unit has an offering price of $10.00 and consists of one share of common stock and one warrant that entitles the holder to purchase one share of common stock under the terms and conditions described in the Registration Statement. The net proceeds of the offering will be held in trust pending the completion of an acquisition.
J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. are acting as joint bookrunning managers and S. Goldman Advisors LLC is acting as the co-manager for the initial public offering. Navios Holdings has agreed to invest a total of $7,600,000 in a private placement of warrants to occur simultaneously with the closing of the initial public offering. Following the public offering, Navios Holdings expects to own approximately 19% of the common shares of Navios Acquisition.