DryShips updated investors after the close of trading on February 24 on the progress of its ongoing equity raise with Kalani Investments Limited ("Kalani"):
As previously disclosed, DryShips Inc. (the "Company") entered into a common stock purchase agreement (the "Purchase Agreement") with Kalani Investments Limited (the "Investor"), dated as of February 17, 2017, relating to the public offering by the Company of (NYSE:I) up to $200.0 million of the Company's shares of common stock, par value $0.01 per share, to the Investor over a 24 month period (the "Shares") and (ii) up to an aggregate of $1.5 million of shares of the Company's common stock, par value $0.01 per share, issuable to the Investor as a commitment fee in consideration for entering into the Purchase Agreement. (...)
As mutually agreed to by the Company and the Investor, the Company sold 22,482,371 Shares to the Investor, pursuant to a Fixed Request Notice with a Fixed Request Amount Requested of $55.0 million following a Pricing Period from February 21, 2017 to February 24, 2017. The Fixed Request Amount was $55.0 million, subject to a price per share of approximately $2.45 mutually agreed to by the parties for an aggregate gross purchase price of $55.0 million, resulting in estimated net proceeds of $54.5 million, after deducting the Company's estimated aggregate offering expenses.
Following the settlement for all of such Shares sold as of the date hereof, the Company will have a total of 58,836,362 shares of common stock outstanding. As of the date hereof, up to $145.0 million of the Shares is remaining that the Company may sell pursuant to the Purchase Agreement.
