ATHENS, Greece, March 15, 2016 /PRNewswire/ -- Paragon
Shipping Inc. ("Paragon" or the "Company") announced today that it
has received a letter from NASDAQ, indicating that the Company has
regained compliance with the $1.00
per share minimum closing bid price requirement for continued
listing on the NASDAQ Capital Market, pursuant to the NASDAQ
marketplace rules. Since November 11,
2015, Paragon was eligible for an additional 180 calendar
day period to regain compliance. For at least 10 consecutive
business days from March 1 to March 14,
2016, the closing bid price has been greater than
$1.00. NASDAQ indicated within its
letter that since the Company has regained compliance with Listing
Rule 5550(a)(2) (the "Minimum Bid Price Rule"), this matter is now
closed.
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. All statements other than statements of historical fact
are statements that could be deemed forward-looking statements,
including but not limited to any statements regarding the Exchange
Offer and Consent Solicitation. Risks, uncertainties and
assumptions include the possibility that expected benefits may not
materialize as expected 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.
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 six drybulk vessels with a total carrying
capacity of 297,879 dwt. In addition, Paragon Shipping's current
newbuilding contracts consist of three Kamsarmax drybulk carriers.
The Company's common shares and Paragon 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.
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.