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NewLead faces Nasdaq delisting for allegedly misleading investors

NewLead faces Nasdaq delisting for allegedly misleading investors
Greek dry bulk shipowner NewLead Holdings faces delisting from Nasdaq for misleading investors and failure to maintain the required market value.

NewLead said it had received a letter from the Nasdaq Listing Qualifications Staff that it would be subject to delisting unless the company requested a hearing from the Nasdaq Hearings Panel by 7 July.

The letter said NewLead faced delisting, “based on public interest concerns raised by certain false and misleading public disclosures made by the company and the fact that the company has not demonstrated an ability to sustain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Global Select Market”.

The nature of the false and misleading disclosures was not explained.

The company had also failed to regain compliance by 23 June with the $50m in market value required for securities listed on Nasdaq.

NewLead said it would be requesting a hearing from the Nasdaq hearings panel.

“The company's securities will continue to be listed on The Nasdaq Global Select Market until such time as the panel determination is made,” NewLead said.

 

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