Navios Maritime Acquisition Corp. (NNA), an owner and operator of tanker vessels, said its board has authorized a share repurchase program for up to $50.0 million of Navios Acquisition's common stock, within two years.
Share buybacks will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based on market conditions and other factors.
The program does not need any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in Navios Acquisition's discretion and without notice. The Board will review the program periodically.
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