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Marinemax (HZO) has issued an announcement.
The Mexican authorities unexpectedly seized assets from Cabo Marina, a subsidiary of IGY Marinas under MarineMax, Inc., and halted its operations at the Port of Cabo San Lucas, rejecting its application for a new concession. Despite over 20 years of managing the marina and pursuing a new agreement in good faith, Cabo Marina has been accused of violations it deems illegitimate. The company is now engaging with government officials and considering legal action to defend its interests. This seizure affects a minor portion of MarineMax’s overall assets and revenues.
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