NewLead Holdings Ltd. has disclosed that the company received a letter from the NASDAQ Listing Qualifications Staff of the NASDAQ Stock Market LLC (Staff) stating they decided to delist the company’s securities, on June 25th, 2014.
The delisting is based on public interest concerns raised by certain false and misleading public disclosures made by NewLead Holding, and the fact that New Lead Holdings has not demonstrated an ability to sustain compliance with the $1.00 minimum bid price requirement for continued listing on The NASDAQ Global Select Market.
As a separate and additional basis for delisting, the company was notified that it had not regained compliance, by June 23rd, 2014, with the $50m in market value of listed securities requirement for continued listing on The NASDAQ Global Select Market.
As a result, the company’s securities will be subject to delisting unless NewLead Holdings requests a hearing before the NASDAQ Hearings Panel by July 7th, 2014, to present a plan to regain compliance and address the Staff’s concerns.
NewLead said it Decintends to timely request a hearing before the Panel.
The company’s securities will continue to be listed on The NASDAQ Global Select Market until such time as the Panel determination is made.
NewLead Holdings Ltd. is an international, vertically integrated shipping, logistics and commodity company. NewLead owns three dry bulk vessels, one Handysize vessel and two Panamax vessels and manages three third party tanker vessels, two small bitumen tanker vessels and one Handysize MR product tanker. Upon completion of the newbuild acquisitions and together with the vessels under management, NewLead is expected to have a fleet of ten vessels, seven owned and three vessels under management.
Press Release, June 30th, 2014, Image: NASDAQ