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DryShips Commenses USD 100mln Rights Offering

Maritime Activity Reports, Inc.

August 31, 2017

 DryShips Inc. announced the commencement of its previously announced rights offering of shares of common stock, par value $0.01 per share. 

 
The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 resulting in gross proceeds of up to $100 million. 
 
The deadline for participating in the Rights Offering is 5:00 p.m., New York City Time, on October 2, 2017, unless the Rights Offering is extended.
 
The Company has engaged American Stock Transfer & Trust Company, LLC to serve as the subscription agent for the Rights Offering and Advantage Proxy Inc. to serve as the information agent.
 
The Company has entered into a backstop purchase agreement with Sierra Investments Inc., an entity affiliated with the Company's Chairman and Chief Executive Officer, George Economou
 
Pursuant to the Purchase Agreement, Sierra has committed to purchase, at $2.75 per share, the number of shares of Common Stock offered pursuant to the Rights Offering that are not issued to shareholders as of the Record Date pursuant to exercises of the basic subscription right and oversubscription privilege. 
 
Economou and his affiliates have agreed not to exercise any rights they may have in the Rights Offering outside of the backstop commitment. Sierra will not receive a fee for providing the backstop commitment.
 
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