Filed by Navios Maritime Acquisition Corporation
pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Navios Maritime Midstream Partners L.P.
Commission File No.:001-36738
Commission File No. for Registration Statement:333-228051
Date: December 11, 2018
![LOGO](https://capedge.com/proxy/425/0001193125-18-346951/g670041dsp004.jpg)
Source:Navios Maritime Acquisition
December 11, 2018 09:10 ET
Navios Maritime Acquisition Corporation and Navios Maritime Midstream Partners L.P. Announce Preliminary Election Results
MONACO, Dec. 11, 2018 (GLOBE NEWSWIRE)—Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE:NNA) and Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NYSE:NAP) announced the preliminary results of the elections made by public unit holders of Navios Midstream regarding the consideration to be received in connection with the acquisition of Navios Midstream by Navios Acquisition (the “Acquisition”).
As announced on October 7, 2018, Navios Midstream and Navios Acquisition entered into a definitive agreement under which Navios Acquisition would acquire all of the publicly held units of Navios Midstream for shares of Navios Acquisition common stock. The Acquisition is expected to close on or about December 13, 2018. The deadline for Navios Midstream’s public unit holders to elect the form of consideration to be received in the Acquisition was 5:00 p.m. Eastern Time, on December 10, 2018 (the “Election Deadline”).
As of December 10, 2018, there were approximately 20,947,418 Navios Midstream common units outstanding, of which approximately 41.9% are publicly held. Based on available information as of the Election Deadline, the preliminary merger consideration election results are as follows:
| • | | Holders of approximately 22.2% of the outstanding publicly held Navios Midstream units, or 1,950,969 Navios Midstream units, elected to receive common stock. |
| • | | Holders of approximately 2.7% of the outstanding publicly held Navios Midstream units, or 239,220 Navios Midstream units, elected to receive preferred stock. |
Pursuant to the definitive acquisition agreement, holders of approximately 75.1% of the publicly held Navios Midstream units (6,586,779 Navios Midstream units) who failed to make a valid election are deemed to have elected to receive common stock. Furthermore, since more than 80% of the outstanding publicly held Navios Midstream units elected, or are deemed to have elected, to receive common stock, it is anticipated that the common stock will be issued to all holders of the publicly held Navios Midstream units.
No fractional shares of Navios Acquisition common stock will be issued. Each public holder of Navios Midstream units who would otherwise have been entitled to receive a fractional share of Navios Acquisition common stock of more than 0.5 will receive, in lieu of such fractional share, a full share of Navios Acquisition common stock. Each holder of publicly held Navios Midstream units who would otherwise have been entitled to receive a fractional share of Navios Acquisition common stock of less than 0.5 will receive no consideration for such fractional share, which shall be forfeited.
After the final results of the election process are determined, the final merger consideration, and the allocation of the merger consideration, if at all, will be calculated in accordance with the terms of the merger agreement.
About Navios Maritime Acquisition Corporation
Navios Acquisition is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit our website: www.navios-acquisition.com.