194:, which had the effect of more than negating the impact of its reverse splits. Between October 2016 and mid-July 2017, DryShips’ issuance and sale of new shares to Kalani effectively converted 10 million outstanding shares (as of October 2016) into the equivalent of 450 billion shares (as of mid-July 2017). In reality, DryShips only had 26 million net shares outstanding in mid-July 2017, but each share was the equivalent of 16,800 shares held before any reverse splits.
187:, noted that DryShips investors had lost 99.99% of their investments between early November 2016 and mid-July 2017. Seven reverse splits had been executed at this point; a final reverse split, announced on July 19, 2017, caused the company’s shares to lose another 51% of their value over the next three trading sessions.
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DryShips’ sale of newly-issued shares provided it with as much as $ 400 million in new capital, with at least $ 226.4 million of this total coming from sales to Kalani between April and July 2017. DryShips used these funds to purchase additional ships for its fleet, increasing the number of operating
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As of
February 2019, the company is a diversified owner and operator of ocean going cargo vessels that operate worldwide. As of February 27, 2019, the company operates a fleet of 31 vessels: 6 Panamax drybulk vessels; 8 Newcastlemax drybulk vessels; 5 Kamsarmax drybulk vessels; 1 Very Large Crude
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ships to roughly 36. A series of deals made between DryShips and Kalani between
November 11, 2016 and mid-July 2017 allowed Kalani to purchase securities convertible into an estimated $ 726 million of DryShips
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160:. The company bought the ship, originally named Conches, which was built in 2011. The vessel was renamed Raiatea and officially changed hands on 24 April 2014 for a cost of approximately $ 53 million.
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In early 2017 the company refinanced its debt and announced an expansion into the gas carrier market with the purchase of a very large gas carrier.
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Carrier; 3 Aframax tankers; 2 Suezmax tankers; and 6 Offshore
Support Vessels, including 2 Platform Supply and 4 Oil Spill Recovery Vessels.
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While executing its reverse splits, DryShips also engaged in a stock-sale agreement with Kalani
Investments, a company registered in the
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557:"DryShips Exercises First Option to Acquire a Very Large Gas Carrier With a 5 Year Time Charter Attached to an Oil Major"
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between March 2016 and July 2017, shrinking 11.76 million shares to a single share, according to
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corporation, formed in 2004. On
October 11, 2019, it was taken private by CEO and Chairman
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532:"DryShips Announces Closing of $ 200.0 Million New Sifnos Revolving Facility"
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group of islands, resulting in an oil spill which damaged local wildlife.
500:"A Shipping Company's Bizarre Stock Maneuvers Create High Seas Intrigue"
425:"DryShips' stock extends plunge after reverse stock split takes effect"
223:"DryShips Inc. Announces Completion of Acquisition by SPII Holding Inc"
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475:"The Stunning Number That No DryShips Inc. Investor Should Miss -"
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400:"DryShips's stock plunges after reverse stock split announced"
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274:"Oil Spill in South Atlantic Threatens Endangered Penguins"
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In May 2014, Dryships finalized the buying of a cape-size
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http://www.tradewindsnews.com/drycargo/article334082.ece5
375:"The Bizarre DryShips Story Keeps Getting More Bizarre"
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In March 2011, one of the company's
Panamax carriers,
347:"DryShips' All-Time High - $ 1.47 Billion A Share?"
249:"Economou gets go-ahead to take DryShips private"
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171:. Shortly before DryShips’ final reverse split,
450:"Where Will DryShips Inc. Be in 1 Year? -"
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559:. Morningstar. 9 Jan 2017. Archived from
534:. Morningstar. 3 Jan 2017. Archived from
345:Investment, Research & (2017-07-20).
610:Companies formerly listed on the Nasdaq
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332:"Cape deal sealed | TradeWinds"
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498:Jakab, Spencer (2017-07-13).
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310:"Vessel -Tradewindsnews.com"
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605:Dry bulk shipping companies
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373:Drum, Kevin (2017-07-13).
615:Companies based in Athens
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62:Acquired by SPII Holdings
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163:DryShips executed eight
98:http://www.dryships.com/
184:The Wall Street Journal
314:www.tradewindsnews.com
253:Seatrade Maritime News
192:British Virgin Islands
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165:reverse stock splits
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584:External links
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334:. 22 May 2014.
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258:20 February
232:20 February
177:journalist
599:Categories
567:2017-01-18
542:2017-01-18
517:2019-06-11
484:2019-06-11
459:2019-06-11
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409:2019-06-11
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284:2011-11-28
209:References
179:Kevin Drum
123:. It is a
82:Key people
512:0099-9660
115:based in
110:dry bulk
45:Shipping
41:Industry
149:in the
94:Website
51:Founded
35:Private
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121:Greece
117:Athens
75:Greece
71:Athens
142:Oliva
108:is a
508:ISSN
260:2020
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59:Fate
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