Greece's NewLead Holdings Ltd. receives NASDAQ notification letter regarding minimum bid price requirement.
NewLead Holdings Ltd announce they have received a written notification from the NASDAQ Stock Market LLC ("NASDAQ") indicating that they are not in compliance with the NASDAQ Listing Rule 5450(a)(1) because the minimum bid price of its common shares was below $1.00 per share for the previous 30 consecutive business days (the "minimum bid price requirement").
Pursuant to the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been granted a 180-day compliance period, ending on March 12, 2013, to regain compliance with the minimum bid price requirement. During this compliance period, NewLead's common stock will continue to be listed and traded on the NASDAQ Global Select Market. The Company may regain compliance with the minimum bid price requirement if the minimum bid price of NewLead's common shares equals at least $1.00 per share for a minimum of ten consecutive business days at any time during the compliance period.
NewLead continues to monitor the minimum bid price of its common shares and is considering all its options in order to regain compliance within the minimum bid price requirement.
NewLead Holdings Ltd. is an international shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls four vessels, including two double-hull product tankers and two dry bulk vessels.