0001615774-17-002665.txt : 20170524 0001615774-17-002665.hdr.sgml : 20170524 20170524163016 ACCESSION NUMBER: 0001615774-17-002665 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20170524 FILED AS OF DATE: 20170524 DATE AS OF CHANGE: 20170524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Paragon Shipping Inc. CENTRAL INDEX KEY: 0001401112 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33655 FILM NUMBER: 17867017 BUSINESS ADDRESS: STREET 1: 15 KARAMANLI AVE STREET 2: GR 166 73 CITY: VOULA STATE: J3 ZIP: 00000 BUSINESS PHONE: 011-30-210-891-4600 MAIL ADDRESS: STREET 1: 15 KARAMANLI AVE STREET 2: GR 166 73 CITY: VOULA STATE: J3 ZIP: 00000 6-K 1 s106321_6k.htm 6-K

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.

		PARAGON SHIPPING INC.

Date: May 24, 2017		By: /s/ GEORGE SKRIMIZEAS
		George Skrimizeas
		Chief Operating Officer