NEW YORK, May 28, 2026, 11:06 (EDT)
New Fortress Energy Inc. dropped to a session low of 55.79 cents early Thursday, putting the LNG company down 3.8% from Wednesday’s close and giving it a market value near $159 million. The shares started at 58 cents, briefly hit 60 cents, and then lost that ground. LNG is natural gas turned to liquid for transport.
Shares slipped a day after New Fortress put out its definitive proxy for the June 17 annual meeting. Investors are set to vote on a 1-for-50 reverse stock split, a major share-issuance plan, and more restructuring moves. The reverse split would boost the stock price per share without changing the company’s total value. Chairman Wesley R. Edens told shareholders to “vote today” by internet, phone, or proxy card. SEC
New Fortress is under pressure now after slipping under the Nasdaq’s $1 minimum bid price, a requirement for listed shares. Reuters said this month the stock has stayed under $1 since March 19. To avoid delisting, New Fortress needs a closing price of at least $1 for 10 straight trading days by Oct. 28, 2026, or it will lose its place on the exchange if compliance isn’t restored.
New Fortress is putting a wider debt restructuring plan in front of stockholders, the filing shows. The company wants approval for a move that would split operations into BrazilCo and CoreCo. Holders and lenders for over 97% of the roughly $5.8 billion in principal debt are already supporting it. The proposal also lays out about $571.3 million in new CoreCo term loans and about $2.46 billion in convertible preferred stock.
New Fortress is still facing a squeeze on the balance sheet. In its Q1 report, the company posted $226.95 million in revenue, down sharply from $472.28 million last year. Net loss to common stockholders grew to $399.95 million from $178.18 million a year ago. Management said there was “substantial doubt” New Fortress can keep going as a viable business, flagging a standard accounting warning. New Fortress Energy
Debt totaled $8.29 billion at March 31, with $7.18 billion listed as current. The company said most current debt was due to default events or breaking covenants. Accrued interest increased since the company has not been paying interest on debt covered by the restructuring support agreement.
New Fortress said on May 18 the UK High Court let plan companies call creditor meetings. Voting instructions are due June 9. Creditor meetings are set for June 15, with a sanction hearing set for June 18. The company expects the plan to be implemented by the third quarter if the court approves it and conditions and regulatory signoff are met.
New Fortress said on May 12 that NFE Brazil Financing Limited got $885 million in commitments for senior secured notes due 2029. The notes carry a 12% interest rate, to be paid in kind, so interest can be paid with more debt instead of cash. The money is set for operations, working capital, refinancing, and reserves linked to the UK plan.
LNG names didn’t move as much. Cheniere Energy shed around 0.4%, Excelerate Energy dipped 0.2%, and Golar LNG lost 1.6% early. The softer declines hint that New Fortress is reacting more to recapitalization risks than to a broad sector drop.
No big reset for common shareholders in the plan. According to the proxy, current common stock ends up at only 35% of total common shares after restructuring, even before any preferred shares convert. The deal and related equity moves could dilute existing holders by as much as 96%. The filing also says a planned reverse split might cut liquidity, and warns that new share sales could drive the stock price down.
New Fortress trades like a restructuring play right now. Next steps for the stock could hinge more on how investors, lenders and courts handle the plan’s timeline than LNG demand. The reverse split might give Nasdaq more price cover, unless it triggers another selloff.
