- 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.