September 24, 2008
Navios blank check start-up has its money in T Bills
A "blank check" company sponsored by Navios Marine Holdings, Inc. today issued a statement "in light of recent developments in the U.S. financial markets."
Piraeus-headquartered Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA.U, NNA, NNA WS) confirmed its policy of investing the company's proceeds in trust in United States Treasury Bills having a maturity of 180 days or less.
The proceeds in trust are held by Marfin Popular Bank. Continental Stock Transfer & Trust Company is the trustee. Navios Acquisition retains ultimate discretion on investment decisions and does not allow investment in any security other than treasury bills.
Navios Maritime Acquisition Corporation is a newly organized special purpose acquisition company formed for the purpose of acquiring one or more assets or operating businesses in the marine transportation and logistics industries. Navios Acquisition raised gross proceeds of $253,000,000 through an initial public offering on July 1, 2008.