Navios Acquisition Looking to Raise USD 15 Mn

Angeliki Frangou-led tanker owner Navios Maritime Acquisition is looking to raise up to USD 15 million as it priced an offering of 1,875,000 shares of common stock.

According to the company, the equity share was set at a price of USD 8 per share. The offering is expected to close on or about October 24, 2019. The company estimates that the net proceeds from the offering, after deducting estimated offering expenses and placement agent fees, will be around USD 14 million. The net proceeds from the registered direct offering would be used for general corporate purposes.

For the three-month period ended June 30, 2019, Navios Acquisition reported a net loss of USD 16.5 million, compared to a net loss of USD 22 million seen in the same quarter a year earlier. Revenue for the quarter was up to USD 58.6 million from USD 41.5 million recorded in the second quarter of 2018.