Navios Maritime Holdings Annual Meeting Remains Open With Respect to Proposal 3 - 1:10 Reverse Stock Split
December 21 2018 - 4:05PM
Navios Maritime Holdings Inc. (the “Company” or “Navios Holdings”)
(NYSE: NM) announced that its 2018 annual meeting of stockholders
(the “Annual Meeting”) will remain open in order to provide
stockholders with additional time to vote in favor of Proposal 3,
an amendment to the Company’s articles of incorporation to effect a
1-for-10 reverse split of the Company’s common stock (the “Reverse
Stock Split”).
As of 1:00 p.m. Eastern time today, the Reverse Stock Split has
received approval of holders of over 61 million shares, which
represents a “yes” vote from approximately 94% of shares that have
submitted proxies and over 49% of the Company’s outstanding shares
of common stock.
The Reverse Stock Split requires the approval of more than 50%
of all outstanding shares as of the November 28, 2018 record
date. The Company is continuing to solicit stockholders
to obtain votes from holders of the additional 890,000 shares
(approximately 0.7% of the outstanding shares) necessary for
approval of the Reverse Stock Split.
The Board has recommended stockholders vote in favor of the
Reverse Stock Split in order to comply with NYSE’s continued
listing standards.
Stockholders
of record as of November 28, 2018 who have not yet voted are urged
to vote ‘for’ Proposal No. 3.
Voting Process
If you seek assistance in this process or have any
questions, please call the Company’s proxy agent Morrow Sodali toll
free at 800‐662-5200 (U.S.) or +1
203 658 9400 (international).
To vote your shares, please follow the instructions set forth in
our definitive Proxy Statement. In summary, if you are a
stockholder of record, you can vote your shares by mail or in
person at the meeting, in each case by following the instructions
on the proxy card previously delivered to you. If your shares
are held in a stock brokerage account or by a bank or other
nominee, you are considered the beneficial owner of shares held in
“street name.” To vote shares held in street name, you must follow
the instructions provided to you by that institution.
Stockholders may change their vote for the Proposal by executing
a new proxy, revoking a previously given proxy or attending the
meeting and voting in person, as set forth in the Proxy
Statement.
Annual Meeting Update
Proposals 1 and 4 set forth in the Company’s notice of annual
meeting and proxy statement (the “Proxy Statement”) filed with the
Securities and Exchange Commission (the “SEC”) on December 3, 2018
were approved by stockholders at today’s Annual Meeting prior to
the recess; Proposal 2 was rejected by the Company’s
stockholders.
Disclaimer
Stockholders are urged to read the Proxy Statement and other
relevant documents filed with the SEC.
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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