Market Overview

Paragon Shipping Announces Public Offering of Common Stock

Paragon Shipping Inc. (NASDAQ: PRGN) announced today that it has commenced an underwritten offering of its Class A common stock. The net proceeds of this offering are expected to be used for vessel acquisitions with the balance for general corporate purposes, including working capital and the repayment of debt. Jefferies LLC is acting as the sole book-running manager of the offering. Maxim Group LLC is acting as lead manager.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. This offering is being made only by means of a prospectus supplement and accompanying base prospectus. A prospectus supplement related to the offering will be filed with the U.S. Securities and Exchange Commission (the "SEC") and will be available on the SEC's website located at www.sec.gov. When available, copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Jefferies LLC, 520 Madison Avenue, 12th Floor, New York, NY 10022, Attn: Prospectus Department, or by email to Prospectus_Department@Jefferies.com.

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 fourteen drybulk vessels with a total carrying capacity of 853,699 dwt. In addition, Paragon Shipping's current newbuilding program consists of two Ultramax drybulk carriers and one 4,800 TEU containership that are scheduled to be delivered in 2014 and two Ultramax drybulk carriers that are scheduled to be delivered in 2015. Paragon Shipping has granted Box Ships Inc., an affiliated company, the option to acquire its newbuilding containership under construction. Additional information about the Company is available on the Company's website www.paragonship.com, which is not a part of this press release.

Cautionary Note Regarding Forward Looking Statements

Certain of the statements made in this press release are "forward-looking statements" as defined by U.S. federal securities laws, such as those, among others, relating to the Paragon Shipping's expectations regarding the completion and use of proceeds of the proposed public offering. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "projects," "likely," "will," "would," "could" and similar expressions or phrases may identify forward-looking statements. All forward-looking statements involve risks and uncertainties. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to market conditions, the satisfaction of customary closing conditions related to the public offering described herein and other risks set forth in the prospectus for the offering described herein. There can be no assurance that Paragon Shipping will be able to complete the proposed public offering on terms satisfactory to it, or at all.

Posted-In: News Offerings

 

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