While company’s stock jumped 54.54% to$0.15 in midday trading on the back of a sharp increase in volume observersnote current levels are still far below a 52-week high of $2.73.

The surge followed news that exchange regulatorsaccepted NewLead’s plan to regain compliance with listing requirements, which hinges on the filing of annual report for the year eneded 31 December 2012 by 2 September.

In a statement the Athens-based operatorsaid it ticker will be stripped from Nasdaq Global Select Market if it fails tomeet the deadline, which was extended shortly after it received a 16 Maydeficiency notice.

When the issue first made headlines NewLeadsaid the failure to file the report in a timely manner was the result of atransaction in which it traded nickel wire for shares, which prompted aninvestigation led by its audit committee.

The company pulled the plug on the dealin June when CEO Michael Zolotas admitted the value of the wire may havebeen overstated by as much as 99%, which didn’t come as a surprise to manyobservers as the price per ounce was far above that of gold and other preciousmetals.  

NewLead is based in Athens where itoversees two bulkers and a pair of products tankers in addition to a fledgling commoditiesbusiness that has secured rights to mine coal and other mineral deposits in the US.