DryShips announces reverse stock split
DryShips Inc., an international owner of drybulk carriers and offshore support vessels, announced today that its Board of Directors has determined to effect a 1-for-25 reverse st ock split of DryShips’s common shares. At DryShips’s special meeting of shareholders on February 19, 2016, DryShips’s shareholders approved the reverse stock split and granted the Board, or a duly constituted committee thereof, the authority to determine the exact split ratio and proceed with the reverse stock split.
The reverse stock split will take effect, and DryShips’s common stock will begin trading on a split- adjusted basis on the Nasdaq Capital Market, as of the opening of trading on March 11, 2016 under the existing trading symbol “DRYS”. The new CUSIP number for th e common stock following the reverse stock split is Y2109Q127. When the reverse stock split becom es effective, every 25 shares of DryShips’s issued and outstanding common stock will be automatically combined into one i ssued and outstanding share of common stock. This will reduce the number of outstanding common shares from 672,046, 321 shares to approximately 26.9 million shares.
No fractional shares will be issued in connection with the reverse split of the issued and outstanding common stock. Shareholders who would otherw ise hold a fractional share of DryShips’s common stock will receive a cash payment in lieu thereof at a price equal to that fraction to which the shareholder would otherwise be entitled multiplied by the closing price of DryShips’s common stock on the Nasdaq Capital Market on March 10, 2016.
