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DryShips cancels stock deal with Kalani

Aug. 11, 2017 8:17 AM ETDryShips Inc. (DRYS) StockBy: Clark Schultz, SA News Editor79 Comments
  • DryShips (NASDAQ:DRYS) announces that it terminated a stock purchase agreement with Kalani Investments.
  • The company says CEO George Economou will either directly or though affiliated entities acquire $100M shares at $2.75 per share. Economou won't be able to sell the shares for six months after closing. A rights offering gives shareholders the option to also buy shares at $2.75 per share at a pro rata percentage.
  • DryShips grees not to conduct any more equity offerings until December 31 without unaffilated holders approving the transaction.
  • Shares of DryShips are still in a trading halt after the flurry of activity.

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