DryShips, an international owner of drybulk carriers and offshore support vessels, announced that the Company has entered into a Securities Purchase Agreement with an institutional investor for the sale of 5,000 newly designated Series C Convertible Preferred Shares, warrants to purchase 5,000 Series C Convertible Preferred Shares and 148,998 common shares.
The securities will be issued to the investor through a registered direct offering.
The Company estimates that the net proceeds from the sale of the securities, after deducting fees and expenses, will be approximately $5 million. The Company may further receive up to an aggregate of $5 million if all of the warrants are exercised, for total proceeds of $10 million.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers of securities will be made only by means of a prospectus supplement and accompanying base prospectus. A shelf registration statement on Form F-3 (File No. 333-202821), including a base prospectus, relating to the securities being offered has been filed with the United States Securities and Exchange Commission and declared effective.