NewLead intends to timely request a hearing before the Panel and, prior to any such hearing, it expects to regain compliance with the $1.00 minimum bid price requirement, through the implementation of the 1-to-15 reverse split of its common shares that will be effective as of October 17, 2013, as previously announced. Although NewLead anticipates regaining compliance with NASDAQ's minimum bid price continued listing standard, there can be no assurance that it will do so.
NewLead Holdings Ltd. Receives NASDAQ Notification
Related to Minimum Bid Price
Piraeus, Greece, Oct. 4, 2013
NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead" or the "Company") today announced that the Company received a letter from NASDAQ Listing Qualifications Staff of The NASDAQ Stock Market LLC ("NASDAQ") notifying the Company that it had not regained compliance, by October 1, 2013, with the $1.00 minimum bid price requirement for continued listing on The NASDAQ Global Select Market, as set forth in Listing Rule 5450(a)(1), and that, as a result, the Company's securities would be subject to delisting unless the Company requests a hearing before the NASDAQ Hearings Panel (the "Panel") by October 9, 2013 to present a plan to regain compliance.
About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international, vertically integrated shipping and commodity company that manages product tankers and dry bulk vessels. NewLead currently controls two dry bulk vessels. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new website at www.newleadholdings.com
Source: NewLead Holdings Ltd. press release