Marine Link
Tuesday, November 21, 2017

DryShips Commenses USD 100mln Rights Offering

August 31, 2017

File Photo: DryShips Inc

File Photo: DryShips Inc

 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.
 
Maritime Reporter Magazine Cover Nov 2017 - The Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News