Houston-based Paragon Offshore confirmed Friday that it has been delisted from The New York Stock Exchange (NYSE).
The Houston-based company said it received notification from the NYSE notifying it that the NYSE had suspended trading in Paragon’s shares effective immediately.
Paragon said the NYSE determined that the company’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 December 8 press release.
Paragon has applied to be quoted on the OTCQX over-the-counter marketplace effective as of the open today under the ticker symbol “PGNPF.”
The NYSE’s delisting action does not impact 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 says it plans to continue to file periodic and other reports with the U.S. Securities and Exchange Commission per applicable federal securities laws.