ATHENS, Greece, Feb. 29, 2016 /PRNewswire/ -- Paragon
Shipping Inc. (NASDAQ: PRGN) ("Paragon" or the "Company") today
announced that its Amended and Restated Articles of Incorporation
are being further amended to effect a reverse stock split of the
Company's issued and outstanding Class A common shares at a ratio
of one new share for every 38 shares currently outstanding.
The Company anticipates that its common stock will begin trading
on a split-adjusted basis when the market opens on March 1, 2016. The Company's Class A common
shares will continue to trade under the symbol "PRGN." The common
shares will also trade under a new CUSIP number Y6728Q145.
The reverse stock split will consolidate 38 shares of common
stock into one share of common stock at par value of $0.001 per share. The reverse stock split will
not affect any shareholder's ownership percentage of Paragon's
common shares, except to the limited extent that the reverse stock
split would result in any shareholder owning a fractional share.
Fractional shares of common stock will be rounded up to the nearest
whole share.
After the reverse stock split takes effect, shareholders holding
physical share certificates will receive instructions from
Computershare Trust Company, N.A. and Computershare Inc., the
Company's exchange agent, regarding the process for exchanging
their shares.
About Paragon Shipping Inc.
Paragon Shipping is an
international shipping company incorporated under the laws of the
Republic of the Marshall Islands
with executive offices in Athens,
Greece, specializing in the transportation of drybulk
cargoes. Paragon Shipping's current fleet consists of six drybulk
vessels with a total carrying capacity of 297,879 dwt. In addition,
Paragon Shipping's current newbuilding contracts consist of two
Ultramax and three Kamsarmax drybulk carriers with scheduled
deliveries in the first quarter of 2016. The Company's common
shares and Paragon Notes trade on the NASDAQ Capital Market under
the symbols "PRGN" and "PRGNL," respectively.
For more information, visit: www.paragonship.com. The
information contained on Paragon Shipping's website does not
constitute part of this press release.
Forward-Looking Statements
Certain statements in this
press release are "forward-looking statements" within the meaning
of the Private Securities Litigation Act of 1995. These
forward-looking statements are based on our current expectations
and beliefs and are subject to a number of risk factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including but not
limited to any statements regarding the Exchange Offer and Consent
Solicitation. Risks, uncertainties and assumptions include
the possibility that expected benefits may not materialize as
expected as well as other risks that have been included in filings
with the Securities and Exchange Commission, all of which are
available at www.sec.gov.
Contacts:
Paragon Shipping Inc.
ir@paragonshipping.gr
DresnerAllenCaron
Rudy
Barrio (Investors)
rbarrio@dresnerallencaron.com
(212) 691-8087
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SOURCE Paragon Shipping Inc.
