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Navios Maritime Acquisition to Take Over Navios Maritime Midstream, to Effect 1:15 Reverse Share Split

Navios Maritime Acquisition ( NNA ) said pre-market Monday it has agreed to acquire Navios Maritime Midstream Partners ( NAP ).

Navios Acquisition said it will buy all of the publicly held units of Navios Midstream in exchange for shares of Navios Acquisition.

Public unitholders of Navios Midstream may exchange each Navios Midstream common unit for either 6.292 newly issued shares of Navios Acquisition common stock; or one share of a newly issued series of convertible participating preferred stock of Navios Acquisition.

The deal is expected to close later this year.

Also on Monday, Navios Acquisition said it has approved a 1-for-15 reverse stock split of its issued and outstanding shares of common stock.

The reverse stock split is subject to stockholder approval, which Navios Acquisition intends to seek at a special meeting of its stockholders scheduled to be held in November 2018.

The reverse stock split is expected to be effected before the closing of the deal.

Shares of Navios Acquisition fell more than 4% in pre-bell trading on Monday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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