NewLead Holdings Ltd (NASDAQ:NEWL)’s shares declined 9.66% to $0.66. The company on June 5 announced that on June 3, 2014, the Company was granted a Temporary Restraining Order (“TRO”), against Ironridge Global IV, Ltd. prohibiting the further issuance of common shares in payment of dividends on Series A Preference Shares of NewLead. The TRO is pending the hearing and decision on Petition for Preliminary Injunctive Relief Pending Arbitration.
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On June 3, 2014, NewLead filed in the United States District Court, Southern District of New York a Petition for Temporary Restraining Order and Injunction In Aid of International Arbitration Proceedings to prevent the conversion of any Preference Shares of NewLead into NewLead’s common shares pursuant to conversion of its outstanding Preference Shares solely held by Ironridge as well as the issuing of any of the Company’s common shares to Ironridge.
RMG Networks Holding Corporation (NASDAQ:RMGN)’s shares gained 18.97% to $2.32. The company on May 8 announced its financial results for the first quarter ended March 31, 2014. Total first quarter adjusted 2014 revenues were $12.6 million, a decrease of 16% from $15.0 million of pro forma combined revenues in the first quarter of 2013. Adjusted EBITDA loss was $5.3 million compared to pro forma combined adjusted EBITDA loss of $0.8 million in the first quarter of 2013, decreasing for the reasons described above.
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India Globalization Capital, Inc. (NYSEMKT:IGC)’s stock jumped 15.53% to $1.76. The company on June 4 announced that it has completed its proposed acquisition of Golden Gate, a Hong Kong based trading company. As previously reported, the acquisition is expected to be accretive to earnings as Golden Gate was profitable in FYE March 31, 2014 with unaudited revenue of approx. $10 million.
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IGC acquired its 51% stake of the Hong Kong based entity for 1,209,765 shares of IGC common stock. The IGC shares are to be paid out in four tranches over three years. 205,660 shares were paid at closing and the remaining shares will be paid based on successfully meeting earnings objectives for FYE March 31, 2015, 2016 and 2017.