NewLead Holdings Announces 1-for-3 Reverse Split of Common Shares

NewLead Holdings

today announced that a 1-for-3 reverse stock split of its common shares has been approved by the Company's Board of Directors and by written consent of a majority of shareholders, effective upon the commencement of trading on December 6, 2013. The reverse split will consolidate every three common shares into one common share, par value of $0.01 per share. As a result of the reverse stock split, the number of common shares of the Company's common shares outstanding would currently be reduced from 47,663,633 to approximately 15,887,878 shares, subject to rounding up of all fractional shares to the nearest whole share. In respect to the underlying common shares associated with any derivative securities, such as warrants, options and convertible notes, the conversion and exercise prices and number of common shares issuable generally will be adjusted in accordance to the 1:3 ratio. The number of authorized common shares and preferred shares of NewLead will not be affected by the reverse split. It is anticipated that the transaction will establish a higher market price for the Company's common shares and reduce per share transaction fees as well