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Paragon Shipping (PRGN -2.2%) slips after selling over 4.9M newly-issued shares to an entity...

Paragon Shipping (PRGN -2.2%) slips after selling over 4.9M newly-issued shares to an entity affiliated with Michael Bodouroglou, its Chairman and Chief Executive Officer, for $10M. The transaction closed on December 24. PRGN will have the right to repurchase these newly-issued shares at the same price per share at which they were sold in the placement, on successful amendment by PRGN of its outstanding loan agreements or March 29, whichever comes earliest.
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