Navios Maritime Holdings Inc. Announces Successful Conclusion of Tender Offer
1/29/2007
Our client Navios Maritime Holdings Inc. recently completed the following transaction:
PIRAEUS, Greece, Jan. 29 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios") is pleased to announce that the tender offer closed successfully upon expiration of the tender offer period, on January 26, 2007, at 5:01 p.m., New York City time.
Under the tender offer, 32,140,128 warrants (65% of the warrants outstanding) were exercised, of which 14,237,557 warrants were exercised by payment of the $5.00 exercise price and 17,902,571 warrants were exercised by exchange of warrants. As a result of the exercise of warrants:
- $71,187,785 of cash proceeds were raised
- $19,925,580 new shares of common stock were issued
Following the issuance of the shares relating to the warrant exercise, Navios will have 82,013,707 shares of common stock outstanding. The 17,431,592 million warrants remaining outstanding after the tender offer will expire in accordance with their terms on December 9, 2008.
