Kalani Buys 35.6M @ $1.08 Today. See 6-K
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 April 3, 2017, relating to the public offering by the Company of (i) up to $226.4 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 . Capitalized terms used herein and not otherwise defined have the meanings given in the Purchase Agreement, which was included as Exhibit 1.1 to the Report on Form 6-K filed by the Company with the Securities and Exchange Commission (the "SEC") on April 3, 2017.
As mutually agreed to by the Company and the Investor, the Company sold 35,692,576 Shares to the Investor, pursuant to a Fixed Request Notice with a Fixed Amount Requested of $45.0 million following a Pricing Period from April 3, 2017 to April 7, 2017, which the Company expects to finally settle on April 10, 2017. The Fixed Request Amount was $38.4 million, subject to a price per share of approximately $1.08 mutually agreed to by the parties , resulting in estimated net proceeds of $38.1 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 188,043,945 shares of common stock outstanding, prior to the previously announced 1-for-4 reverse stock split that will take effect as of the opening of trading on April 11, 2017. As of the date hereof, up to $188.0 million of the Shares is remaining that the Company may sell pursuant to the Purchase Agreement.
The information contained in this report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-202821) that was filed with the SEC and became effective on May 7, 2015.
