DryShips Inc (fka DRYS)

[naturalborninvestor]

It's a rights offering to shareholders. It entitles you to buy certain number of shares proportionate to your holdings at the price of $2.75. Basically like warrants. If you expect the share price to increase, these are discounted shares offered exclusively to current shareholders. If you don't expect the price to increase, you simply do nothing and the offering will eventually close.