ATHENS, Greece, Nov. 11, 2015 /PRNewswire/ -- Paragon Shipping
Inc. (NASDAQ: PRGN) (the "Company") announced today that it
received a positive determination from the Nasdaq Stock Market
granting approval of the Company's request to transfer its listing
to the Nasdaq Capital Market from the Nasdaq Global Market. The
Company has also been granted an additional 180-day grace period to
regain compliance with the Nasdaq's minimum bid price
requirement.
The Company's securities will begin trading on the Nasdaq
Capital Market effective at the opening of business on November 11, 2015. The Company's common shares
and senior notes will continue to trade on Nasdaq under the symbols
"PRGN" and "PRGNL," respectively. The Nasdaq Capital Market is a
continuous trading market that operates in substantially the same
manner as the Nasdaq Global Market. Listed companies must meet
certain financial requirements and comply with Nasdaq's corporate
governance requirements.
As previously reported, the Company was notified by Nasdaq Stock
Market on May 14, 2015, that it no
longer satisfied the minimum bid price requirement for continued
listing of $1.00 per share, as set
forth in Nasdaq Listing Rule 5450(a)(1). In anticipation of not
meeting the minimum bid price requirement by November 10, 2015, the end of its initial 180-day
grace period, the Company applied to transfer the listing of its
stock to the Nasdaq Capital Market. As a result of the transfer to
the Capital Market, the Company is being provided with an
additional 180-day grace period to regain compliance with the
Nasdaq's minimum bid price requirement. In order to regain
compliance, the minimum bid price per share of the Company's common
stock must be at least $1.00 for at
least ten consecutive business days during the additional 180-day
grace period, which will end on May 9,
2016. The Company has provided written notice of its
intention to cure the minimum bid price deficiency during the
second grace period by effecting a reverse stock split, if
necessary. If the Company fails to regain compliance during this
grace period, the Company's common stock will be subject to
delisting by Nasdaq.
About Paragon Shipping Inc.
Paragon Shipping is an international shipping company
incorporated under the laws of the Republic of the Marshall Islands with executive offices in
Athens, Greece, specializing in
the transportation of drybulk cargoes. Paragon Shipping's current
fleet consists of twelve drybulk vessels with a total carrying
capacity of 719,769 dwt. In addition, Paragon Shipping's current
newbuilding contracts consist of two Ultramax and three Kamsarmax
drybulk carriers that are scheduled to be delivered between the
fourth quarter of 2015 and the first quarter of 2016. The Company's
common shares and senior notes trade on the NASDAQ Capital Market
under the symbols "PRGN" and "PRGNL," respectively. For more
information, visit: www.paragonship.com. The information contained
on Paragon Shipping's website does not constitute part of this
press release.
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Act of 1995. These forward-looking statements are based on our
current expectations and beliefs and are subject to a number of
risk factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. Such risks and uncertainties include, without
limitation, the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand for drybulk shipping capacity,
changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants
in such financing arrangements, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors, as well as
other risks that have been included in filings with the Securities
and Exchange Commission, all of which are available at
www.sec.gov.
Contacts
Paragon Shipping Inc.
ir@paragonshipping.gr
DresnerAllenCaron
Rudy
Barrio (Investors)
rbarrio@dresnerallencaron.com
(212) 691-8087
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SOURCE Paragon Shipping Inc.