NewLead Holdings Ltd. Analyst Insight into Recent Stock Halt -- Contention Continues -- Ongoing Litigation Possible -- by BrokerBank Securities, Inc.
NEW YORK, July 21, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (NASDAQ: NEWL) has historically been an international shipping company that has been transforming into an international vertically integrated shipping and commodity company. NewLead engages in the transportation of refined products, such as gasoline and jet fuel, and dry bulk goods, such as iron ore, coal and grain.
Since our last comment controversy has continued to swirl around NewLead. Most recently NEWL has been forced to institute a reverse split in the stock and request a hearing with NASDAQ in order for the Company to achieve compliance with the minimum bid price requirement of $1.00 per share for continued listing on The NASDAQ Global Select Market ("NASDAQ"). There has been an ongoing dispute with an institutional investor that had been engaged in various transactions to finance ships and to generally restructure/strengthen NewLead's balance sheet through various initiatives. This relationship deteriorated to the point that the parties resorted to litigation and to a public exchange of derogatory press releases and other actions that were operating to the detriment of both parties. NEWL has attempted to move on with alternate sources of funding which are expected ultimately to suit the company's requirements but in the interim the stock has been subjected to repeated trading halts and management's approach has been called into question.
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SOURCE BrokerBank Securities, Inc.
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