NewLead Holdings Ltd. Announces Cancellation of 1-for-5
Reverse Split of Common Shares
PIRAEUS, Greece, March 19, 2012
NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead" or the "Company") today announced that the Company's Board of Directors decided to cancel the 1-for-5 reverse stock split of its common shares that was scheduled to take effect upon the opening of the NASDAQ market today March 19, 2012, with a view to rectifying the minimum bid listing deficiency as previously announced.
NewLead decided not to proceed with the 1-for-5 reverse split of its common shares following the increase in the price as well as the increase in the volume of trading during the last five business days subsequent to the latest significant developments in the restructuring process and the deleveraging of the Company. As a result, NewLead will evaluate further and reconsider its strategy in the following days for the benefit of its shareholders.
About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls 10 vessels, of which two are double-hull product tankers and 8 are dry bulk vessels including four newbuildings and one vessel currently under construction that is scheduled to be delivered in the third quarter of 2012. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new website at www.newleadholdings.com
Source: NewLead Holdings Ltd. press release