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IMO is looking at a global levy (tax) on marine fuels. Do you think this is

a really good idea
an unfortunate necessity
a bad idea
a really bad idea

Marine Log

July 1, 2008

Navios "blank check" IPO raises $253 million

Navios Maritime Acquisition Corporation (NYSE: NNA.U), a "blank check" company sponsored by Navios Maritime Holdings, Inc. (NYSE:NM), has closed its initial public offering of 25,300,000 units, including 3,300,000 units issued on exercise of the underwriters' over-allotment option.

Each unit consists of one share of common stock and one warrant that entitles the holder to purchase one share of common stock. The units were sold at an offering price of $10.00 per unit, generating gross proceeds to the company of $253,000,000.

Simultaneously with the closing of the IPO, the company consummated a private placement of 7,600,000 warrants at a purchase price of $1.00 per warrant to Navios Maritime Holdings, Inc.

The initial public offering and the private placement generated gross proceeds to the company in the aggregate of $260,600,000. The company intends to use the net proceeds from the offering and the private placement 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.

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