Coming off an earlier trading halt, shares of DryShips (NASDAQ: DRYS) are up 84% following news the company will sell its common shares to entities affiliated with its chairman and CEO, George Economou, for aggregate consideration of $100 million at a price of $2.75 per share. The board’s Audit Committee also approved a subsequent rights offering that would allow DryShips shareholders to purchase their pro rata portion of up to $100 million of the Company’s common shares at a price of $2.75 per share. The Rights Offering will be backstopped in full by Sierra Investments Inc., an entity affiliated with Economou.
In conjunction, DryShips has terminated it common stock purchase agreement with Kalani Investments Limited.
About DryShips Inc.
The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers, 3 of which are expected to be delivered in September October and December of 2017; and (viii) 6 offshore support vessels, comprising 2 platform supply and 4 oil spill recovery vessels. DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.” Visit the Company’s website at www.dryships.com
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