Nasdaq-listed Paragon Shipping is to undertake a 1-for-38 reverse stock split of its issued and outstanding Class A common shares.
The stock will commence trading on a split-adjusted basis when markets open in the US today.
Before the market opens and the split is effected, Paragon’s current share price is $0.0469 with 26.03m shares outstanding.
Paragon Shipping transferred its listing to the Nasdaq Capital Market from the Nasdaq Global Market in mid-November after failing to meet the market’s minimum bid price requirement of $1.00 per share for over 30 days.
The company was granted an additional 180-day grace period (until May 12, 2016) to regain compliance with Nasdaq’s minimum bid price requirement or face being delisted.
