Paragon Shipping Inc. Announces The Closing Of Its $42.4 Million Follow-On Public Offering - 47 ABC - Delmarva's Choice

Paragon Shipping Inc. Announces The Closing Of Its $42.4 Million Follow-On Public Offering

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SOURCE Paragon Shipping Inc.

Closing includes full exercise of underwriters' $5.5 million option to purchase additional shares.

ATHENS, Greece, Feb. 18, 2014 /PRNewswire/ -- Paragon Shipping Inc. (NASDAQ:PRGN) ("Paragon Shipping" or the "Company") closed today its previously-announced public offering of 6,785,000 Class A common shares at the public offering price of $6.25 per share, which includes the issuance of 885,000 Class A common shares pursuant to the underwriters' exercise of their option to purchase additional shares granted by the Company.  Following this offering, the Company has 24,622,142 shares of common stock outstanding. 

The gross proceeds from the offering before the underwriting discount and other offering expenses payable by the Company amounted to approximately $42.4 million (including $5.5 million from the exercise of the option to purchase additional shares).  The net proceeds from the offering after the underwriting discount and other offering expenses payable by the Company are expected to be approximately $39.7 million, which are expected to be primarily used for vessel acquisitions with the balance for general corporate purposes, including working capital and the repayment of debt.

Jefferies LLC acted as sole book-running manager of the offering. Maxim Group LLC acted as lead manager of the offering.

The offering was made pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission ("SEC").  The final prospectus relating to the offering has been filed with the SEC and is available at the SEC's website at  Copies of the final prospectus relating to this offering may also be obtained from Jefferies LLC, 520 Madison Avenue, 12th Floor, New York, NY 10022, Attn: Prospectus Department, or by email to

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, 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.

Contact Information

Paragon Shipping Inc.

Allen & Caron Inc. 
Rudy Barrio (Investors)
(212) 691-8087

Len Hall (Media)
(949) 474-4300

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