Navios Maritime Acquisition Corporation (NNA) shares surged 46.19% in after-hours on Thursday, August 26, 2021, and closed the daily trading at $3.07. However, in the regular trading session of Thursday, NNA’s stock lost 3.23%. NNA stock has fallen 60.75% over the last 12 months, and they have moved up 10.53% in the past week. Over the past three months, the stock has lost 48.28%, while over the past six months, it has declined 45.74%.

Let’s have a look at its recent news and developments

NNA stock merger agreement

On August 26, 2021, Navios Maritime Partners L.P. and Navios Maritime Acquisition Corp (NNA) stock announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Acquisition in a transaction in which shareholders of Navios Acquisition will receive 0.1275 of a common unit of Navios Partners for each outstanding common share of Navios Acquisition. All of Navios Acquisition’s outstanding 8.125% First Priority Ship Mortgage Notes, due on November 15, 2021, will be redeemed under their terms with the proceeds of a cash contribution from Navios Partners and newly arranged secured term loan financings.

NNA Senior Secured Term Loan Facility

On June 30, 2021, Navios Maritime Holdings Inc (NNA) stock announced that it has entered into a Senior Secured Term Loan facility with an entity affiliated with its Chairman and Chief Executive Officer, providing for a loan of $115.0 million.

The term loan facility will advance $75.3 million for redeeming certain of Navios Holdings’ 11.25% Senior Secured Notes and for general corporate purposes and refinance $39.7 million of existing indebtedness of Navios Holdings owed to the Lender.

NNA stock recent financial results announcement

On May 19, 2021, Navios Maritime Acquisition Corporation (NNA)  stock reported its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• NNA stock reported revenue of $72.5 million in Q1 2021 compared to $97.86 million in Q1 2020.
• In Q1 2021, $5.0 million of net cash was provided by the operating activities compared to $30.5 million in Q1 2020.
• It suffered a net loss of $9.7 million in Q1 2021 compared to a net income of $0.9 million in Q1 2020.
• Loss per basic and diluted share was $0.59 in Q1 2021 compared to $0.95 in Q1 2020.
• Adjusted EBITDA was $29.1 million in Q1 2021 compared to $56.3 million in Q1 2020.

Conclusion

The recent merger announcement was the reason behind its rally in the after-markets on Thursday and it can continue to perform well on the last day of the trading week as well.