Shipping company Newlead Holdings Ltd. (NEWL: Quote) said Wednesday that it has regained compliance with the Nasdaq as its common shares achieved a bid price of $1.00 or more for 10 consecutive business days.
On September 21, 2011, Newlead received a notification from Nasdaq that the company was not in compliance with one of the standards for continued listing on the Nasdaq Global Select Market because the closing bid price of its common shares had fallen below $1.00 for 30 consecutive business days.
The company was granted a grace period of 180 days to regain compliance, which expired on March 20, 2012. On March 20, Newlead received a written notification from Nasdaq indicating that the company had not complied with the rule and that its share would be subject to delisting from the Nasdaq Global Select Market.
But now, after achieving the required bid price, Newlead has received a written notification from the Nasdaq Listing Qualifications department that it has regained compliance.
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by RTT Staff Writer
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