** Important to reference NM & NMM
NNA .... Formation and Initial Public Offering
Navios Maritime Acquisition Corporation (the "Company") was incorporated in the Republic of the Marshall Islands on March 14, 2008. The Company was formed to acquire through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination one or more assets or operating businesses in the marine transportation and logistics industries.
On July 1, 2008, Navios Acquisition consummated its initial public offering of 25,300,000 units, which included 3,300,000 units issued upon exercise of the underwriters' over-allotment option, at a price of $10.00 per unit in the offering. Each unit consists of one share of our common stock, $0.0001 par value per share, and one redeemable common stock purchase warrant. Each warrant entitles the holder to purchase from the Company one share of common stock at an exercise price of $7.00 commencing on the later of (a) the completion of a business combination or (b) June 25, 2009, and will expire June 25, 2013. The warrants are redeemable at a price of $0.01 per warrant upon 30 days prior notice after the warrants become exercisable, only in the event that the last sale price of the common stock is at least $13.75 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given.