DRYS R/S 1-7 ah for 7/21 -28%
04:33 PM EDT, 07/18/2017 (MT Newswires) -- DryShips (DRYS), a diversified owner of ocean going cargo vessels, said after market close on Tuesday that it will effect a 1-for-7 reverse stock split of the company's issued common shares.
Shares fell as much as 29% in extended trading.
The reverse stock split will take effect, and the company's common shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market as of the opening of trading on July 21.
When the reverse stock split becomes effective, every seven shares of the company's issued common stock will be automatically combined into one share of common stock.
As of the date of this press release, the company had 36.3 million shares issued and outstanding. Effecting the reverse stock split will cut the number of issued and outstanding common shares to approximately 5.2 million shares.
Price: 0.59, Change: -0.24, Percent Change: -29.17
The greatest deception men suffer is from their own opinions.
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