Dilution continues. This is a sad state indeed, as is seen daily, this stock continues to be sold in large amounts by the same group (Kalani Investments) that made a very nice profit on their first financing ($100 mill).
The management stuck it to investors by allowing a similar death spiral financing to be entered into immediately after they completed the very successful $100 mill financing that drove this stock down to under $5.00 from $30.00
I am long and wrong on this stock, as I expected the company to treat shareholders with some respect after the terrible terms of the first financing. This stock is much too difficult to value, as the number of shares outstanding which was under 2 million prior to the first financing, rocketed to the mid 30's million range after the dilution of $100mill was complete.
Now, there is the potential for the company to issue another tranche, that could see 50 million more, if the company can hang on to a $4.00 price, but could move to a low conversion price of $1.50 which could see up to 133 million new shares being sold into the market.
I have been in the investment industry for over 35 years, and have rarely seen a more flagrant treatment of shareholders than this company has done. I expect the BDI to continue to strengthen this year and this space, including DRYS to be a subject of investment capital, but I will only attempt to break even on this dog and move to a more trustworthy company for future investment.
Just my opinion, good luck to all
News 
Market Data 
Discover 
