Athens-based dry bulk specialist Paragon Shipping has received written notification from Nasdaq indicating that the company no longer meets the minimum bid price requirement for the Nasdaq Global Market because the closing bid price of its common stock for the last 30 consecutive business days was below USD 1 per share.
The Nasdaq Listing Rules allow an 180-day applicable grace period for a company to regain compliance, which in case of Paragon runs until November 10, 2015.
Paragon can cure this deficiency if the closing bid price of its common stock is USD 1 per share or higher for at least ten consecutive business days during the grace period.
In the event the company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, it may be eligible for an additional 180-day grace period if it transfers to the Nasdaq Capital Market.
Paragon’s common stock will continue to be listed and trade on the Nasdaq Global Market during the grace period.
The company’s current fleet consists of sixteen dry bulk carriers with a total carrying capacity of 980,399 dwt, with two Ultramax and three Kamsarmax dry bulk carriers scheduled to be delivered in 2015.