Monaco - Nov. 28, 2018
Navios Maritime Holdings Inc. ("the Company") (NYSE: NM), today announced that the Company’s 2018 annual meeting of stockholders will be held at 10:00 a.m., Monaco time, on December 21, 2018, at the Company’s offices at Le Montaigne Bloc B, 7 Avenue de Grande Bretagne, Monaco.
The Company’s Board of Directors requested that the stockholders approve a 1-for-10 reverse stock split of the Company’s common stock (the “Reverse Stock Split”) to achieve compliance with the closing bid price requirements in the NYSE’s continued listing standards.
Stockholders owning the Company’s common stock on November 28, 2018 will be entitled to vote at the annual meeting. The affirmative vote of a majority of the Company’s issued and outstanding common stock is required to affect the Reverse Stock Split. Abstentions and broker non-votes will be treated as votes against the proposal.
If the Reverse Stock Split is approved, (1) every ten pre-split shares of common stock outstanding will become one share of common stock, and (2) fractional shares otherwise issued will be paid in cash at a price equal to (a) the fraction (to which the stockholder would otherwise be entitled) multiplied by (b) the average NYSE closing price per share of our common stock for the five (5) consecutive trading days before the effective date of the Reverse Stock Split.
For more detailed information, please see the Company’s notice of annual meeting and proxy statement to be filed with the Securities and Exchange Commission on the Company’s Current Report on Form 6-K on or about November 30, 2018.
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.
Navios Maritime Holdings Inc. press release