NEWL: NewLead Holdings Ltd. is an international shipping company that owns a fleet of dry bulk carriers and double-hull product tankers. Company provides ideal solutions for sea transportation requirements and play a significant role in meeting the worldwide demand for distribution of petroleum products and dry bulk commodities.
NewLead Holdings Ltd. (NEWL) announced on December 24, 2013 that on December 23, 2013, the Company received notice from the Listing Qualifications Staff of The NASDAQ Stock Market LLC (“NASDAQ”) indicating that the Company did not satisfy the $50 million in market value of listed securities requirement for continued listing on The NASDAQ Global Select Market. The Company has been granted a 180-day grace period, through June 23, 2014, to evidence compliance with the Market Cap Requirement. Compliance with the Market Cap Requirement can be achieved if the Company evidences a market value of listed securities of at least $50 million for a minimum of 10 consecutive business days, but generally for no more than 20 consecutive business days, during the grace period.
The Company believes it can achieve compliance with the Market Cap Requirement during the grace period as it executes on its business plan, which contemplates the completion of additional acquisitions; however, there can be no assurance that the Company will be able to do so. Currently, the Company has approximately 29.7 million shares outstanding, which based on today’s closing price reflects a market capitalization of approximately $43.0 million