NewLead Holdings Ltd. Sees Huge Gains After One-For-Fifty Reverse Stock Split


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NASDAQ:NEWL
05/20/2014 [ACCESSWIRE]

NewLead Holdings Ltd. (NASDAQ: NEWL) saw its share volume skyrocket on May 20th with 53,784,706 shares exchanging hands, 53 times higher than its three month daily average volume of 1,103,920 shares.

This huge surge in volume comes after NewLead Holdings Ltd. enacted a one-for-50 reverse stock split so the company's shares would meet the minimum $1 per share requirement for being listed on the Nasdaq.

NewLead announced on Monday that the "NewLead Albion", a 2012-built dry-bulk eco-type Handysize vessel of 32,318 dwt, was delivered to NewLead's fleet.

The NewLead Albion is trading on the spot market and is expected to generate $2.0 million EBITDA per year assuming $1.73 million yearly OPEX.

The NewLead Albion is one of the two eco-type vessels that the Company agreed to acquire in March 2014, as previously announced, for a total acquisition price of $37.0 million, $18.5 million each. Today, the market value of these vessels is estimated to be approximately $20.25 million each. The second vessel is expected to be delivered to NewLead's fleet, as scheduled, in July 2014.

Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We are pleased to announce the delivery of the Newlead Albion, the first vessel to be added to our fleet after our successful restructuring. To receive delivery, we secured financing through a leading shipping and financial institution, demonstrating third party belief in the transformation of NewLead."

Michael Zolotas, added, "We are modernizing our fleet with fuel efficient vessels. The fleet age is being optimized, and employment lifetime is substantially longer. NewLead expects to have three new modern Handysize vessels added to its fleet by the end of August 2014."

NEWL closed the day on May 20th at $3.31, up 69.74% from its previous close of $1.95.

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