Navios Maritime Holdings Inc. to Delist and Deregister its Series G and Series H American Depositary Shares from the New York Stock Exchange
GRAND CAYMAN, Cayman Islands, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Navios Maritime Holdings Inc. (the “Company”) announced today that its board of directors (the “Board”) has approved the delisting of the Company’s (i) American Depositary Shares each representing 1/100th of a share of the Company’s 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock, $0.0001 par value per share (the “Series G ADSs”) and (ii) American Depositary Shares each representing 1/100th of a share of the Company’s 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock, $0.0001 par value per share (the “Series H ADSs” and, together with the Series G ADSs, the “ADSs”) and the preferred stock underlying the ADSs from the New York Stock Exchange (the “NYSE”) and deregistration thereof with the Securities and Exchange Commission (the “SEC”).
The Company believes that the costs associated with continuing the listing and registration of its ADSs exceed the benefits received by the Company and its decision to delist and deregister the ADSs will better enable it to maximize value for stakeholders. The Company also gave notice to the NYSE today of its intent to voluntarily delist the ADSs and underlying preferred stock and to withdraw the registration of the ADSs and underlying preferred stock with the SEC. The Series G ADSs are currently listed on the NYSE under the symbol “NM-PG.” The Series H ADSs are currently listed on the NYSE under the symbol “NM-PH.”
The Company intends to file with the SEC a Form 25 Notification of Removal from Listing on or about January 29, 2024 to delist the ADSs from listing on the NYSE and deregister the ADSs under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). It is expected that the last day of trading of the ADSs on the NYSE will be on or about February 8, 2024 and that the Company’s ADSs will be removed from listing on the NYSE at the opening of business on or about February 9, 2024. In connection with the foregoing, the Company also intends to file a Form 15 with the SEC to suspend the Company’s reporting obligations under the Exchange Act.
The Board’s decision was made after careful consideration of the advantages and disadvantages of continuing listing and registration and based on a review of several factors, including preserving cash by eliminating the legal, audit and other costs associated with maintaining the Company’s listing and remaining an SEC reporting company under the Exchange Act and preparing and filing periodic reports with the SEC and the limited trading volume of the ADSs.
The Company has not arranged for listing or registration of the ADSs on another national securities exchange or for quotation of the ADSs in a quotation medium.
This communication contains forward-looking statements relating to the Company’s planned delisting and deregistration of its ADSs. Statements in this communication that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. These forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of management of the Company as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events and are subject to known and unknown risks, including business, economic and competitive risks, uncertainties, contingencies and assumptions about the Company. More details about these and other risks that may impact the Company’s business are described under the heading “Risk Factors” in the reports the Company files with the SEC, including its Annual Report on Form 20-F and Reports on Form 6-K, which are available on the SEC’s website at www.sec.gov. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company does not undertake any duty to update any forward-looking statement or other information in this communication, except to the extent required by law.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. owns a controlling equity stake in Navios South American Logistics Inc., one of the largest infrastructure and logistics companies in the Hidrovia region of South America and an interest in Navios Maritime Partners L.P., a US publicly listed shipping company which owns and operates dry cargo and tanker vessels. For more information, please visit our website: www.navios.com.
Navios Maritime Holdings Inc.