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NEW YORK (Thomson Financial) - Navios Maritime Holdings Inc. said late Tuesday it is the sponsor and corporate shareholder of Navios Maritime Acquisition Corp., a newly organized special purpose acquisition company formed to acquire assets or operating businesses in the marine transportation and logistics industries.
Navios Acquisition filed with the Securities and Exchange Commission Tuesday a registration statement for the initial public offering of 22 million units, Navios Holdings said.
Each unit has an offering price of $10 and consists of one share of common stock and one warrant that entitles the holder to purchase one share of common stock.
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
Navios Holdings also said it's agreed to invest a total of $7.6 million 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 about 19% of Navios Acquisition's common shares.
Piraeus, Greece-based Navios Maritime is shipping and logistics company. The stock closed the regular session at $10.19.
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