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True...this stock burned me real bad year's ago. Before I bought it there was no negative news found. As soon as I got in the price ps started downward and stayed down. I got tired of waiting for recovery and sold at a horrible lost. So, be very careful here. Very careful.
Have not followed this for quite awhile. Didnt they dilute shares multiple times to buy ships which in effect wiped out the value of existing share holders at that time and then investors file lawsuits to prevent another dilution?
And now DRYS got bought out by the CEO at low price? Am I getting this right?
Well don't expect me to bend you over either... Economou is like Epstein, but regarding financial markets. Each will get their own and everyone associated to them...
It's over man. I'd hate to be Economou going forward, always looking over his back to what he did to MANY in the world... He has no friends anywhere after this- and SEC now looked upon lower than ever to allow it to happen so long...
Rick overall, I cost averaged down many times from the damn splits, and losses total around $20,000.00 for me. Will take me about 7 years to be able to write that off...
George did one last screw to Investors/shareholders everywhere, and took DRYS private holding majority of shares. That lats October 9th shareholder meeting was a FARCE as it did not matter what shareholders outside of Economou voted (NO) he still did it anyway as he held majority shares... The acquiring company is one which Economou is CEO of as well!! Talk about a conflict of interest !!!!
I and MANY others filed SEC complaints to stop this, they did nothing, and we all got a royal shaft still in the end after rebuilding his whole fkng fleet over years...
He will spend rest of his miserable fkng life looking over his back...
Item 4 is hereby supplemented by adding the following:
On October 9, 2019, a special meeting of the stockholders of DryShips Inc. (“Issuer”) was held at 4:00 p.m. (Greece time) at 80 Kifissias Avenue, GR 151 25, Marousi, Athens, Greece. At the special meeting, the stockholders of Issuer authorized and approved that certain agreement and plan of merger, dated as of August 18, 2019 (the “Merger Agreement”), by and among SPII, Sileo Acquisitions Inc., a corporation organized under the laws of the Republic of the Marshall Islands and wholly-owned subsidiary of SPII (“Merger Sub”), and Issuer, pursuant to which Merger Sub will be merged with and into Issuer (the “Merger”), with Issuer continuing as the surviving company and becoming a wholly owned subsidiary of SPII.
On October 11, 2019, Issuer and Merger Sub filed Articles of Merger with a Registrar of Corporations of the Republic of the Marshall Islands, which were registered by such Registrar of Corporations of the Republic of the Marshall Islands on October 11, 2019, pursuant to which the Merger became effective on October 11, 2019 (the “Effective Time”).
At the Effective Time, each common share, par value $0.01 per share, of Issuer (collectively, the “Common Shares”) issued and outstanding immediately prior to the effective time of the Merger was cancelled and converted into the right to receive US$5.25 per Common Share, without interest and net of any applicable withholding taxes, except for any Common Shares that, as of immediately prior to the effective time of the Merger, were (i) held by SPII or any subsidiary of SPII or (ii) held by Issuer as treasury stock or by any of Issuer’s subsidiaries, which Common Shares were canceled, and no payment was made with respect to such Common Shares.
Upon the consummation of the Merger, Issuer became a wholly-owned subsidiary of SPII and the separate corporate existence of Merger Sub ceased. On October 11, 2019, Issuer notified NASDAQ of the completion of the Merger and requested that trading in the Common Shares be suspended and that NASDAQ file with the SEC a Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on Form 25, thereby commencing the process of delisting and deregistering the Common Shares. Issuer intends to suspend its reporting obligations under Section 13(a) and 15(d) of the Exchange Act and to deregister the Company Shares under Section 12(g) of the Exchange Act by filing a certification and notice on Form 15 with the SEC as soon as practicable. Issuer’s reporting obligations under the Exchange Act will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.
There are no other changes to Item 4 from the Initial Statement. Item 4. Purpose of Transaction
Item 4 is hereby supplemented by adding the following:
On October 9, 2019, a special meeting of the stockholders of DryShips Inc. (“Issuer”) was held at 4:00 p.m. (Greece time) at 80 Kifissias Avenue, GR 151 25, Marousi, Athens, Greece. At the special meeting, the stockholders of Issuer authorized and approved that certain agreement and plan of merger, dated as of August 18, 2019 (the “Merger Agreement”), by and among SPII, Sileo Acquisitions Inc., a corporation organized under the laws of the Republic of the Marshall Islands and wholly-owned subsidiary of SPII (“Merger Sub”), and Issuer, pursuant to which Merger Sub will be merged with and into Issuer (the “Merger”), with Issuer continuing as the surviving company and becoming a wholly owned subsidiary of SPII.
On October 11, 2019, Issuer and Merger Sub filed Articles of Merger with a Registrar of Corporations of the Republic of the Marshall Islands, which were registered by such Registrar of Corporations of the Republic of the Marshall Islands on October 11, 2019, pursuant to which the Merger became effective on October 11, 2019 (the “Effective Time”).
At the Effective Time, each common share, par value $0.01 per share, of Issuer (collectively, the “Common Shares”) issued and outstanding immediately prior to the effective time of the Merger was cancelled and converted into the right to receive US$5.25 per Common Share, without interest and net of any applicable withholding taxes, except for any Common Shares that, as of immediately prior to the effective time of the Merger, were (i) held by SPII or any subsidiary of SPII or (ii) held by Issuer as treasury stock or by any of Issuer’s subsidiaries, which Common Shares were canceled, and no payment was made with respect to such Common Shares.
Upon the consummation of the Merger, Issuer became a wholly-owned subsidiary of SPII and the separate corporate existence of Merger Sub ceased. On October 11, 2019, Issuer notified NASDAQ of the completion of the Merger and requested that trading in the Common Shares be suspended and that NASDAQ file with the SEC a Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on Form 25, thereby commencing the process of delisting and deregistering the Common Shares. Issuer intends to suspend its reporting obligations under Section 13(a) and 15(d) of the Exchange Act and to deregister the Company Shares under Section 12(g) of the Exchange Act by filing a certification and notice on Form 15 with the SEC as soon as practicable. Issuer’s reporting obligations under the Exchange Act will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.
There are no other changes to Item 4 from the Initial Statement.
They pulled the Registration of ALL securities of DRYS...
Seems that is what was put out.
That means the CUSIP is no longer active... which identifies the stock that is registered to it...
If this is true... You are holding junk. Worthless paper my friend. It could mean they went Private or they are BK... But no volume is not a good sign.
Thank you DRYS and GE for teaching me how to day trade stocks . They say not to day trade because not a lot of people are good at it but I remember when I was having a lot of success Day Trading DRYS back in the Fall of 2017. I made 10k in profits on drys that year . Should’ve made a hell of a lot more though. The Greeks love to play games . Good thing to know I can still play TOPS.
It is not healthy nor wise to own this stock. It is and always was a scam. I have been warning everyone here forever. No one ever listened. I am quite smart and good looking a 10 out of a 10.
Hello and sorry to anyone who lost money. I previously owned a decent amount of shares. I sold due to previous r/s and overall weak ownership.
I really think this story should be on American Greed. They would be all over a story like this and it would shine a bright light on the situation. Whether it helps financially or for education in the future I think it's a story that should be told and heard.
So those that were short dont have any shares they can buy to cover. I guess they walk away with all the money. How do they cover now. Still no answer!!!!
DryShips Inc. is an owner of drybulk carriers and offshore support vessels that operate worldwide.
DryShips also owns approximately 40% of the outstanding shares of Ocean Rig UDW Inc. (NASDAQ:ORIG), an international drilling contractor. DryShips owns a fleet of 24 drybulk carriers, comprising 4 Capesize and 20 Panamax with a combined deadweight tonnage of approximately 2.3 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.
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