The Outcome is a Negotiation – Nautilus Gets its Deal Done

In these turbulent times, the measure of a success of a deal these days is simply getting it done. Within 45 days of the initial filing, Nautilus Maritime Acquisition Corp. announced that it had sold 4.8 million units at $10.00 per unit raising $48 million. Although somewhat disappointing in light of the targeted $60 million, the appetite was less than hoped for, but sufficient equity was raised for an acquisition. Time is short at 19 months, but that was what was negotiated and management is comfortable as shipping markets remain weak. The hoped for endgame is that assets can be acquired on the cheap or a company at a steep discount to its peers. It is also a means for a private company which has been thinking about an IPO to go public.

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