This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Paragon Shipping Announces Effectiveness Of One-For-Ten Reverse Stock Split

ATHENS, Greece, Nov. 5, 2012 /PRNewswire/ -- Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), today announced that the previously announced one-for-ten reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.001 per share (the "Common Stock"), became effective after the close of trading today.  The Company's Common Stock will commence trading on a split-adjusted basis on the New York Stock Exchange ("NYSE") upon the open of trading on November 6, 2012.  The Common Stock will continue trading on the NYSE under the symbol "PRGN" but will trade under a new CUSIP number, 69913R 408.

The reverse stock split was previously approved by the Company's board of directors and by shareholders at the 2012 Annual General Meeting of Shareholders held on October 24, 2012.

Upon effectiveness of the reverse stock split, each ten (10) shares of the Company's issued and outstanding Common Stock was automatically and without any action on the part of the respective holders thereof combined and converted into one (1) issued and outstanding share of Common Stock. This reduced the number of issued and outstanding shares of the Company's Common Stock from approximately 61.0 million to approximately 6.1 million.  The reverse stock split affected all issued and outstanding shares of the Company's Common Stock, as well as Common Stock underlying stock options outstanding immediately prior to the effectiveness of the reverse stock split. The number of authorized shares of the Company's Common Stock was not affected by the reverse split.

No fractional shares were issued in connection with the reverse stock split.  Shareholders who would have otherwise held a fractional share of the Company's Common Stock as a result of the reverse stock split will receive a cash payment in lieu of such fractional share.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs