Navios Maritime Holdings Inc. Announces Date of Annual Meeting of the Stockholders and Intention to Seek Stockholder Approval...
November 28 2018 - 4:08PM
Navios Maritime Holdings Inc. ("the Company") (NYSE: NM), today
announced that the Company’s 2018 annual meeting of stockholders
will be held at 10:00 a.m., Monaco time, on December 21, 2018, at
the Company’s offices at Le Montaigne Bloc B, 7 Avenue de Grande
Bretagne, Monaco.
The Company’s Board of Directors requested that
the stockholders approve a 1-for-10 reverse stock split of the
Company’s common stock (the “Reverse Stock Split”) to achieve
compliance with the closing bid price requirements in the NYSE’s
continued listing standards.
Stockholders owning the Company’s common stock
on November 28, 2018 will be entitled to vote at the annual
meeting. The affirmative vote of a majority of the Company’s
issued and outstanding common stock is required to affect the
Reverse Stock Split. Abstentions and broker non-votes will be
treated as votes against the proposal.
If the Reverse Stock Split is approved, (1)
every ten pre-split shares of common stock outstanding will become
one share of common stock, and (2) fractional shares otherwise
issued will be paid in cash at a price equal to (a) the fraction
(to which the stockholder would otherwise be entitled) multiplied
by (b) the average NYSE closing price per share of our common stock
for the five (5) consecutive trading days before the effective date
of the Reverse Stock Split.
For more detailed information, please see the
Company’s notice of annual meeting and proxy statement to be filed
with the Securities and Exchange Commission on the Company’s
Current Report on Form 6-K on or about November 30, 2018.
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 effectuate a reverse stock
split of our common stock to regain compliance with New York Stock
Exchange minimum share price 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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