Paragon Offshore plc (NYSE: PGN) has received notification from the New York Stock Exchange (NYSE) notifying Paragon that the NYSE had suspended trading in Paragon's shares, effective Dec. 18. The NYSE determined that Paragon's ordinary shares were no longer suitable for listing based on "abnormally low" price levels, pursuant to Section 802.01D of the NYSE's Listed Company Manual. As a result of this notification, Paragon will not submit a business plan to the NYSE as previously disclosed in Paragon's press release dated Dec. 8.
Paragon has applied to be quoted on the OTCQX over-the-counter marketplace effective as of Dec. 18 under the ticker symbol "PGNPF."
The NYSE's delisting action does not affect Paragon's business operations and does not conflict with or cause an event of default under any of Paragon's material debt or other agreements. Paragon intends to continue to file periodic and other reports with the US Securities and Exchange Commission in accordance with applicable federal securities laws.