Boston, MA 05/21/2014 (wallstreetpr) – The strongest emerging players in the shipping and allied sectors, NewLead Holdings Ltd (NASDAQ:NEWL) has excelled in its field globally. It is continuously moving towards achieving operational growth to muster more consumer base and market share. On the financial front, NEWL has recently announced a reverse split to be effectual soon for smooth functioning of its business. Further, NEWL is also geared up to present its annual report providing deeper insight into its business outlook, potential and future strategies. Thus, NEWL is moving consistently towards attaining its growth targets of the FY14.
Reverse Split on the cards
The Board of Directors has given the go signal to NewLead Holdings Ltd (NASDAQ:NEWL)’s proposal of 1 for 50 reverse split of its common shares. It has also received assent of the majority of NEWL’s shareholders for the same in writing. The step has been taken in furtherance of maintaining the target of $1.00 per share requirement for continued listing on NASDAQ. The reverse split of common shares will be effective from May 15, 2014. The facility provides for consolidating every 50 common shares into one common share with a value of $5.00/share.
However, the number of preferred and authorized common shares will remain unaffected by the reverse split.
Launch of New Handysize Vehicle
In a recent announcement, NewLead Holdings Ltd (NASDAQ:NEWL) declared the delivery of the “NewLead Albion”, an eco-type Handysize vehicle on May 19, 2014 to its fleet. The Albion is expected to produce approximately $2.0 million EBITDA per year. The vessel was delivered to the fleet in furtherance of the announcement in March 2014 to acquire two vessels.The estimated market value of each vessel is around $20.25 million. NEWL has also confirmed the delivery of the second vessel by July 2014 to NewLead’s fleet.
Filing of Annual Report
NEWL recently disclosed that the company has filed its annual report for the fiscal year on Form-20F with U.S. Securities and Exchange Commission. The Annual report is filed for the year that ended on December 31, 2013. Further, NewLead Holdings Ltd (NASDAQ:NEWL)’s annual report can be accessed through its official website.
