Each unit consists of one share of common stock and one warrant that entitles the holder to purchase one share of common stock. The units were sold at an offering price of $10.00 per unit, generating gross proceeds to the Company of $253,000,000.
Simultaneously with the closing of the initial public offering, the Company consummated a private placement of 7,600,000 warrants at a purchase price of $1.00 per warrant to its sponsor, Navios Maritime Holdings, Inc. (NYSE: NM). The initial public offering and the private placement generated gross proceeds to the Company in the aggregate of $260,600,000. The Company intends to use the net proceeds from the offering and the private placement to acquire 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.
In addition, the Company announced today that commencing on July 7, 2008, the Company expects that the holders of the Company's units may elect to separately trade the common stock and warrants included in the Company's units. Those units not separated will continue to trade on the New York Stock Exchange under the symbol NNA.U, and each of the common stock and warrants will trade on the New York Stock Exchange under the symbols NNA and NNA WS, respectively.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 25, 2008. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. -- Navios Maritime Holdings, Inc.
