Greek-based shipping company NewLead Holdings Ltd. (NASDAQ: NEWL) yesterday cancelled a 1-for-5 reverse stock split. From the company’s news release:
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.
NewLead owns and operators two refined products tankers and eight dry bulk carriers. The reverse stock split was planned to bring the company back into compliance with Nasdaq listing requirements.
Shares are up about 64% today, at $2.05 in a 52-week range of $0.40-$3.88.
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