Why NewLead Holdings (NEWL) Stock Is Down This Morning

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.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

 
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.
 
 
NEWL Chart

NEWL data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

If you liked this article you might like

SEC Takes On Ironridge Global Partners Over Deals Based on Buying Microcap Bills From Creditors

SEC Takes On Ironridge Global Partners Over Deals Based on Buying Microcap Bills From Creditors

A Few Tricks and Treats

A Few Tricks and Treats

Why NewLead Holdings (NEWL) Stock Is Tanking In After-Hours Trading On Wednesday

Why NewLead Holdings (NEWL) Stock Is Tanking In After-Hours Trading On Wednesday

Why NewLead (NEWL) Stock Is Soaring Today

Why NewLead (NEWL) Stock Is Soaring Today

NewLead Holdings (NEWL) Stock Continues to Plunge (Update)

NewLead Holdings (NEWL) Stock Continues to Plunge (Update)