MONACO, Dec. 24, 2018 (GLOBE NEWSWIRE) -- 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.
Navios Maritime Holdings Inc.
Source: Navios Maritime Holdings, Inc.