Navios ceases plan for IPO on Nasdaq

Navios Maritime Containers Inc. NMCI, +0.00% said late Thursday it has “ceased marketing” its previously announced proposed U.S. initial public offering on the Nasdaq Global Select Market. The provider of container services to the maritime industry said it is developing a plan to pursue a direct listing on a U.S. exchange. The company had announced earlier this month that it had commenced an IPO of about 5.3 million shares of common stock, which was expected to price between $18 to $20 a share. Navios said it will request that its stock resume trading on the N-OTC exchange on Sept. 17.

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