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.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.