Navios Maritime Holdings Inc. Announces Stockholder Approval of a 1:10 Reverse Stock Split And Effective Date of January 3, 2...
December 24 2018 - 6:50AM
Navios Maritime Holdings Inc. (the “Company” or “Navios Holdings”)
(NYSE: NM) announced that the previously disclosed one-for-ten
reverse split of its common stock was approved by Company’s
stockholders at its annual regular meeting held December 21, 2018.
The reverse stock split will be effected immediately before any
trading commences prior to market open on January 3, 2019. The
common stock will begin trading on January 3, 2019 on a
split-adjusted basis on the New York Stock Exchange, under the same
ticker symbol, NM.
Based on approximately 124.7 million shares of common stock
issued and outstanding as of the record date, following the reverse
split the Company will have approximately 12.5 million shares of
common stock issued and outstanding.
The certificate of amendment to the Company’s certificate of
incorporation in connection with the reverse stock split will not
decrease the number of authorized shares of common stock.
Continental Stock Transfer & Trust Company, the Company’s
stock transfer agent, will act as the exchange agent for the
reverse stock split.
About Navios Maritime Holdings Inc.Navios
Maritime Holdings Inc. (NYSE: NM) is a global, vertically
integrated seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings
please visit our website: www.navios.com.
Forward Looking Statements - Safe Harbor This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements herein other than statements of historical fact,
including statements regarding business and industry prospects or
future results of operations or financial position should be
considered forward-looking. These forward looking statements are
based on Navios Holdings’ current expectations and observations.
Factors that could cause actual results to differ materially
include, but are not limited to uncertainty relating to global
trade, including prices of seaborne commodities and continuing
issues related to seaborne volume and ton miles, our continued
ability to enter into long-term time charters, our ability to
maximize the use of our vessels, expected demand in the dry cargo
shipping sector in general and the demand for our Panamax, Capesize
and Ultra Handymax vessels in particular, fluctuations in charter
rates for dry cargo carriers vessels, the aging of our fleet and
resultant increases in operations costs, the loss of any customer
or charter or vessel, the financial condition of our customers,
changes in the availability and costs of funding due to conditions
in the bank market, capital markets and other factors, increases in
costs and expenses, including but not limited to: crew wages,
insurance, provisions, port expenses, lube oil, bunkers, repairs,
maintenance, and general and administrative expenses, the expected
cost of, and our ability to comply with, governmental regulations
and maritime self-regulatory organization standards, as well as
standard regulations imposed by our charterers applicable to our
business, general domestic and international political conditions,
competitive factors in the market in which Navios Holdings
operates, the value of our publicly traded subsidiaries, our
ability to maintain compliance with New York Stock Exchange listing
requirements and risks associated with operations outside the
United States. Other factors that could cause our actual results to
differ from our current expectations and observations include, but
are not limited to, those discussed under Part I, Item 3D — Risk
Factors in Navios Holdings’ Annual Report on Form 20-F for the year
ended December 31, 2017. All forward-looking statements made in
this press release speak only as of the date of this document. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Navios Maritime Holdings Inc.
+1.212.906.8643 investors@navios.com
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