Stockholders Are Encouraged to Submit Votes in Favor of Proposal 3 as Soon as Possible
MONACO, Dec. 21, 2018 (GLOBE NEWSWIRE) -- 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.
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.
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.
Navios Maritime Holdings Inc.
Source: Navios Maritime Holdings, Inc.