Athens: Paragon Shipping has 180 days to boost its share price to over $1.00 per share, after receiving a written notification of non-compliance from the NASDAQ stock market today.
The carrier’s stock has traded at below $1.00 per share for the last 30 consecutive business days, which means the Athens-based company no longer meets the minimum bid price requirement for its listing on the NASDAQ Global Market.
At the time of writing, the stock is trading at $0.70 per share; a year ago it was priced at $5.67. The carrier’s stock has lost nearly 75% in value since the year began.
To regain compliance, the closing bid price of Paragon’s common stock needs to be $1.00 per share or higher for at least 10 consecutive business days during the 180-day grace period, which ends on November 10.
Paragon says it intends to monitor the stock price and is “considering its options in order to regain compliance”.
“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,” Paragon said today.
The weak dry bulk market has hit other publicly listed carriers too. On April 15, DryShips was also served with a notice of non-compliance from the NASDAQ exchange.