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.
PennyPickAlerts.com is one of the most talked about stock newsletters in the world. To receive 100% FREE stock alerts that have incredible potential, sign up here:
Pennypickalerts.com issues momentum alerts on stocks that can provide gains to day traders.
Pennypickalerts.com provides members with timely information and exclusive alerts on cheap and under-valued stocks in the United States with the potential to deliver gains of 100% - 200% or more.
Pennypickalerts.com monitors and scans the markets for stock related signals as well as any external factors that might bring trading opportunities. Through a vast network of IR professionals Pennypickalerts.com is often in the know of several large investor awareness campaigns being deployed.
Timing is everything when trading Penny Stocks. Gain an Edge by joining the Pennypickalerts.com newsletter and receiving alerts from a Pro-Active team of researchers. Pennypickalerts.com believes traders should have a chance at successfully trading penny stocks and invites traders and investors to be part of the Free VIP membership.
Simply sign up for free and start receiving exclusive alerts.
Subscribe Here: http://www.pennypickalerts.com
Pennypickalerts.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell securities. Investors should always own due diligence with any potential investment.
Leave a comment...