NYSE Issues Paragon Shipping (PRGN) a Notice of Non-Compliance
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Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today that on November 25, 2011, it received notice from the New York Stock Exchange, Inc. (the "NYSE") indicating that the Company is no longer in compliance with the NYSE's continued listing standards because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period.
Subject to the NYSE's rules, the Company has a six month cure period following receipt of the NYSE notice to bring its share price and average share price back above $1.00. During this time, the Company's common stock will continue to be listed and trade on the NYSE.
Subject to the NYSE's rules, the Company has a six month cure period following receipt of the NYSE notice to bring its share price and average share price back above $1.00. During this time, the Company's common stock will continue to be listed and trade on the NYSE.
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