Navios Maritime Acquisition Corporation (NYSE: NNA.U)
Formation and Initial Public Offering
Navios Maritime Acquisition Corporation (the "Company") was incorporated in the Republic of the Marshall Islands on March 14, 2008. The Company was formed 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.
On July 1, 2008, Navios Acquisition consummated its initial public offering of 25,300,000 units, which included 3,300,000 units issued upon exercise of the underwriters' over-allotment option, at a price of $10.00 per unit in the offering. Each unit consists of one share of our common stock, $0.0001 par value per share, and one redeemable common stock purchase warrant. Each warrant entitles the holder to purchase from the Company one share of common stock at an exercise price of $7.00 commencing on the later of (a) the completion of a business combination or (b) June 25, 2009, and will expire June 25, 2013. The warrants are redeemable at a price of $0.01 per warrant upon 30 days prior notice after the warrants become exercisable, only in the event that the last sale price of the common stock is at least $13.75 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given.
Pursuant to an exception for foreign private issuers, the Company is not required to comply with the corporate governance practices followed by U.S. companies under the New York Stock Exchange listing standards. However, the Company has voluntarily adopted all of the New York Stock Exchange required practices, except it (i) only has two members on its Audit Committee, (ii) does not have a compensation committee consisting of independent directors and (iii) does not have a compensation committee charter specifying the purpose and responsibilities of the compensation committee. Instead of a compensation committee, all compensation decisions, to the extent any are required to be made, will be made by a majority of the Company's independent board members.
NEW! Navios Maritime Acquisition Corporation Announces Successful Affirmative Vote Available Here
NEW! Navios Maritime Acquisition Corporation Announces Preliminary Vote Available Here
Navios Maritime Acquisition Corporation Announces Date of Special Meeting Available Here
Navios Maritime Acquisition Corporation to Acquire 13 Tankers for $457.7 Million Available Here
Form 20-F For Year Ended December 31, 2009 Available Here
Navios Maritime Acquisition Corporation Announces Leonidas Korres as Senior Vice President – Business Development Available Here
Form 20-F For Year Ended December 31, 2008 Available Here