Greece’s NewLead Holdings has cancelled its planned one-for-five share reduction designed to meet the Nasdaq exchange’s stock value requirements.
The deal was supposed to take place on Monday, but the Greek tanker and bulker owner said the price had risen over the last five trading days.
The shares rose nearly 24% to $1.25 on Friday. It had been on notice since September after the price dropped below $1.
NewLead said the recovery was sparked by last week’s announcement of “significant developments” in its restructuring process.
It added: “NewLead will evaluate further and reconsider its strategy in the following days for the benefit of its shareholders.”
Trading has been suspended until Tuesday.
On Friday, the owner said it had regained compliance with the minimum market capitalisation of $5m.
Earlier last week, it drew a line under $159m worth of debt after completing the disposal of four products tankers and selling a panamax bulker.
