On Wednesday,the bulker and tanker owner announced plans to cure a compliance issue by wayof yet another reverse stock split.
In a statementthe operator said it intends to turn three common shares into one during an exercisethat will see the total outstanding reduced to 15,887,878 from 47,663,633 by 6December.
“It isanticipated that the transaction will establish a higher market price for the company'scommon shares and reduce per share transaction fees as well as certainadministrative costs,” NewLead explained in an address aimed at investors.
If
