Navios Maritime Holdings is still looking for approval for its proposed reverse stock split.
The company said Friday afternoon the 1-for-10 split has approval from more than 49% outstanding shares. But the move — designed to get the Angeliki Frangou-led bulker owner back over $1 and thus in compliance with New York Stock Exchange rules — needs more than 50% approval from all shares.
The company hopes extending the meeting will give holders of 890,000 shares the ability to vote.
So far, 94% of all shares that submitted proxies have approved the split.
After the close Friday, Navios Maritime Holdings stock was up $0.01 to $0.22.
