PIRAEUS, Greece, July 27 /PRNewswire-FirstCall/ -- 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 price. 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) 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 Public Warrants. The terms and conditions of the Offer are set forth in the documentation distributed to record holders of the Public Warrants as of July 27, 2010. A copy of the offering document relating to the Offer may be obtained from Morrow & Co. LLC, the Information Agent for the offering. Morrow's telephone number for banks and brokers is (203) 658-9400 and for all other security holders is (800) 662-5200. Please contact the Information Agent with any questions regarding the offering. Navios Acquisition has retained S. Goldman Advisors LLC as dealer manager for the Offer.