Corporate
Formation and Initial Public Offering
Navios Maritime Acquisition Corporation was incorporated in the Republic of the Marshall Islands on March 14, 2008.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 consisted of one share of common stock and one warrant for a share of common stock. Each warrant has an exercise price of $7.00 and an exercise period ending 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.
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