Stock Update (NASDAQ:DRYS): DryShips Inc. Announces Successful Completion Of $200 Million Common Stock Offering
DryShips Inc. (NASDAQ:DRYS), a diversified owner of ocean going cargo vessels, announced that it has successfully completed the previously announced $200.0 million common stock offering, in which the Company raised net proceeds of $198.0 million, pursuant to the Common Stock Purchase Agreement entered into by the Company on December 23, 2016.
Following the completion of the offering, the Company has approximately 36,253,870 common shares outstanding.
Mr. George Economou, Chairman and CEO commented:
“We are very excited to have successfully raised $198 million of equity and with total available liquidity in excess of $300 million, we have strengthened our position to continue the process of re-building the Company’s fleet and earnings capacity and pursuing investments in various shipping segments.”
Shares of DryShips jumped nearly 91% to $4.70 as of this writing. The stock’s 50-day moving average is $3.37 and its 200-day moving average is $3.59.
DryShips, Inc. engages in ocean transportation services for drybulk and petroleum cargoes. The company operates its business through three segments: Drybulk and Offshore support. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction and agri-food industries, which consists transportation and handling of Drybulk cargoes through ownership and trading of vessels. The Offshore Support segment consists of offshore support services to the global offshore energy industry through the operation of a diversified fleet of offshore support vessels.