Paragon Shipping has transferred its listing to the Nasdaq Capital Market from the Nasdaq Global Market. Moreover, the company has been granted an additional 180-day grace period to regain compliance with the Nasdaq’s minimum bid price requirement.
Paragon was notified by Nasdaq this May that it no longer satisfied the minimum bid price requirement for continued listing.
The minimum bid price per share of the company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on May 9, 2016. Paragon has said it is willing to cure the minimum bid price deficiency during the second grace period by effecting a reverse stock split, if necessary.