Navios Maritime Acquisition Corp. (NNA) announced the placement of a total of 32.88 million shares of its common stock, at a price of $3.65 per share, representing gross proceeds of about $120.0 million.
The placement included a registered direct offering of 16.44 million shares of common stock which will raise approximately $60.0 million of gross proceeds and a placement of 16.44 million common shares to Navios Maritime Holdings Inc. which will raise about $60.0 million of gross proceeds. Both placements are expected to close on May 21, 2013.
Navios Acquisition expects to use the net proceeds of the placements for working capital and other general corporate purposes, including the repayment of outstanding indebtedness.
Upon the closing of the placements contemplated herein, Navios Acquisition will have raised approximately $120.0 million in gross proceeds, and Navios Holdings will own approximately 48.2% of Navios Acquisition.
The company's common shares trade on the New York Stock Exchange under the symbol "NNA."
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