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Cincinnati Bell Inc. Message Board

panicsellerpete 1 post  |  Last Activity: Mar 12, 2014 11:25 AM Member since: May 23, 2013
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  • NewLead Holdings Ltd. Announces 1-for-15 Reverse Split of Common Shares
    PR Newswire NewLead Holdings Ltd.
    October 1, 2013 8:30 AM

    PIRAEUS, Greece, Oct. 1, 2013 /PRNewswire/ -- NewLead Holdings Ltd. (NEWL) ("NewLead" or the "Company") today announced that a 1-for-15 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 October 17, 2013. Due to the advance publication and notice requirements of Bermuda law, the Company was required to extend the effective date of the reverse stock split.

    The reverse split will consolidate every 15 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 700,542,019 to approximately 46,702,802 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 1:15 ratio. The number of authorized common shares and preferred shares of NewLead will not be affected by the reverse split

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