Athens-based dry bulk company Paragon Shipping has received written notification from Nasdaq disclosing that the company no longer meets the minimum bid price requirement for the Nasdaq Global Market.
This is as a result the closing bid price of its common stock for the past 30 consecutive business days which was below USD 1 per share.
The Nasdaq Listing Rules allow for an 180-day applicable grace period for a company to regain compliance. In the case of Paragon this runs until November 10, 2015.
Paragon can correct 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.
If the company does not regain compliance within the grace period and it meets all other listing standards and requirements, it may be eligible for an additional grace period of 180 days if it transfers to the Nasdaq Capital Market.
The company’s current fleet consists of sixteen dry bulk carriers with a total carrying capacity of 980,399 dwt.
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