Navios Maritime Acquisition Corporation
Announces Program for Enhanced Terms for
Exercise of Warrants to Purchase Common Stock
PIRAEUS, Greece, July 27, 2010 — Navios Maritime Acquisition Corporation (“Navios
Acquisition”) (NYSE: NNA, NNA.WS, NNA.U) announced today that it is offering (the “Offer”) the
holders of the 25,300,000 outstanding warrants issued in its initial public offering (“Public
Warrants”) the limited time opportunity to acquire shares of common stock at a reduced exercise
The Offer is coupled with a consent solicitation accelerating Navios Maritime Holdings Inc.’s
(“Navios Holdings”) ability to exercise certain warrants on terms identical to the Public Warrants.
Under the terms of the Offer, Warrant holders may exercise Public Warrants (1) on a cash basis at
an exercise price of $5.65 per share of Common Stock and (2) on a cashless basis, at an
exchange rate of 4.25 Public Warrants for 1.0 share of Common Stock. A warrant holder may use
one or both methods in exercising all or a portion of its Public Warrants.
The Offer has several conditions, including that at least (1) 75% of the Public Warrants outstanding
(18,975,000 Public Warrants) are properly exercised and (2) that at least 15% of the Public
Warrants outstanding (3,795,000 Public Warrants) are exercised on a cash basis. Both conditions,
along with the other conditions, may be waived by Navios Acquisition at its discretion.
Upon consummation of the Offer, Navios Holdings and Angeliki Frangou, Navios Acquisition’s
Chairman and Chief Executive Officer, will exercise the warrants that they own for cash for
aggregate gross proceeds of $78,167,750.
The Offer will commence on Tuesday, July 27, 2010 and continue for a period of twenty
(20) business days, expiring on Monday, August 23, 2010 at 11:59 p.m., New York City time (the
“Offer Period”). Upon termination of the Offer, the Public Warrants will expire according to their
terms on June 25, 2013, subject to earlier redemption as outlined in terms of the Pub