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Stock Market & Financial Investment News

News Breaks
December 24, 2012
13:34 EDTPRGNParagon Shipping raises $10M through private placement
Paragon Shipping announced that on December 24, 2012 it entered into an agreement to sell 4,901,961 newly-issued shares of the company's common stock to an entity affiliated with Mr. Michael Bodouroglou, the company's Chairman and Chief Executive Officer, for total consideration of $10M. The transaction closed on December 24, 2012, and the proceeds will be used by the company for working capital purposes. In addition, the company will have the right, but not the obligation, to repurchase these newly-issued shares, at the same price per share at which they were sold in this private placement, at any time prior to the earlier of (i) the execution by the Company of definitive documentation relating to the satisfactory amendments of the Company's outstanding loan agreements and (ii) March 29, 2013.
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May 19, 2015
16:04 EDTPRGNParagon Shipping receives notice of non-compliance from NASDAQ
Paragon Shipping announced that it has received written notification from The Nasdaq Stock Market dated May 14, indicating that because the closing bid price of the company's common stock for the last 30 consecutive business days was below $1.00 per share, the company no longer meets the minimum bid price requirement for the Nasdaq Global Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until November 10. The company intends to monitor the closing bid price of its common stock between now and November 10 and is considering its options in order to regain compliance with the Nasdaq Global Market minimum bid price requirement. The company can cure this deficiency if the closing bid price of its common stock is $1.00 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, the Company may be eligible for an additional 180-day grace period if it transfers to the Nasdaq Capital Market.

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