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NEW YORK (TheStreet) -- Shares of NewLead Holdings Ltd. (NEWL) are down -48.49% to $0.850.
The Greek international shipping company today announced that a 1-for-50 reverse stock split of its common shares has been approved by the company's board and by written consent of a majority of NewLead's shareholders, in order for the company to maintain its compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Global Select Market.
The reverse split is effective upon the commencement of trading today.
The reverse split will consolidate every 50 common shares into one common share, par value of $5.00 per share.
As a result of the reverse stock split, the number of common shares outstanding will be reduced from 519,543,700, to approximately 10,390,874 shares, subject to rounding up of all fractional shares to the nearest whole share.