Report of Foreign Issuer (6-k)
May 24 2017 - 3:31PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of May 2017
Commission
File Number: 001-33655
PARAGON
SHIPPING INC.
(Name
of Registrant)
15
Karamanli Ave., GR 166 73, Voula, Greece
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
On
May 23, 2017, the OTC Markets delivered written notification to Paragon Shipping Inc. (the “
Company
”) indicating
that because the bid price of the Company's common stock has closed below $0.01 per share for more than 30 consecutive calendar
days, the Company no longer meets the Standards for Continued Eligibility for OTCQB as per OTCQB Standards, Section 2.3(2). Pursuant
to Section 4.1 of the OTCQB Standards, the Company was granted a cure period of 90 calendar days during which the minimum closing
bid price for the Company’s common stock must be $0.01 or greater for ten consecutive trading days in order to continue
trading on the OTCQB marketplace. If this requirement is not met by August 21, 2017, the Company will be removed from the OTCQB
marketplace. In addition, the OTC Markets noted that if the Company’s closing bid price falls below $0.001 at any time for
five consecutive trading days, the Company will be immediately removed from the OTCQB.
The
Company intends to monitor the closing bid price of its common stock between now and August 21, 2017 and is considering its options
in order to regain compliance with the OTCQB minimum bid price requirement.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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PARAGON SHIPPING INC.
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Date: May 24, 2017
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By: /s/
GEORGE SKRIMIZEAS
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George Skrimizeas
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Chief Operating Officer
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