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DryShips (DRYS) Announces Fifth Reverse Split in 13 Months
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DryShips Inc. , a diversified ocean going cargo vessels company, recently announced plans for a reverse stock split. This marks the fifth split in the last thirteen months. The latest reverse split follows a 52-week low for the company. Last week, the company’s shares had the same fate when the equity deal with Kalani Investments (an investment vehicle in the British Virgin Islands) was announced.
DryShips’ board of directors will put into effect a 1-for-4 reverse stock split of the company’s common shares. This implies that every four shares of the company’s common stock will be combined into one. The reverse split was approved by shareholders at the company’s annual general meeting of shareholdersheld on Oct 26, 2016. The reverse stock split will bring down the number of outstanding shares at DryShips from approximately 152 million to 40 million.
The company expects the reverse stock split to take effect from Apr 11, 2017. From that date, DryShips’ shares will begin trading on the Nasdaq Capital Market (on a split-adjusted basis). The trading symbol will remain the same. Following the split, the company’s new CUSIP number for the common stock will be Y2109Q143.
Meanwhile, under the reverse split, fractional shares will not be issued. Those who have shares in the form of certificate are likely to receive instructions from the company’s exchange agent, American Stock Transfer & Trust Company, LLC, related to exchanging their stock certificates for a new one representing the reverse stock split sharesautomotive railcar demand.
Price Performance
Shares of DryShips lost over 35% in the last one month, significantly underperforming the Zacks Transportation-Shipping industry’s gain of 0.13%.
The reverse stock split will undoubtedly boost the share price of DryShips.
Eagle Bulk Shipping Inc. , Paragon Shipping Inc. (PRGNF - Free Report) and Globus Maritime Limited (GLBS - Free Report) also recently announced a reverse stock split to boost stock price.
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DryShips (DRYS) Announces Fifth Reverse Split in 13 Months
DryShips Inc. , a diversified ocean going cargo vessels company, recently announced plans for a reverse stock split. This marks the fifth split in the last thirteen months. The latest reverse split follows a 52-week low for the company. Last week, the company’s shares had the same fate when the equity deal with Kalani Investments (an investment vehicle in the British Virgin Islands) was announced.
DryShips’ board of directors will put into effect a 1-for-4 reverse stock split of the company’s common shares. This implies that every four shares of the company’s common stock will be combined into one. The reverse split was approved by shareholders at the company’s annual general meeting of shareholdersheld on Oct 26, 2016. The reverse stock split will bring down the number of outstanding shares at DryShips from approximately 152 million to 40 million.
The company expects the reverse stock split to take effect from Apr 11, 2017. From that date, DryShips’ shares will begin trading on the Nasdaq Capital Market (on a split-adjusted basis). The trading symbol will remain the same. Following the split, the company’s new CUSIP number for the common stock will be Y2109Q143.
Meanwhile, under the reverse split, fractional shares will not be issued. Those who have shares in the form of certificate are likely to receive instructions from the company’s exchange agent, American Stock Transfer & Trust Company, LLC, related to exchanging their stock certificates for a new one representing the reverse stock split sharesautomotive railcar demand.
Price Performance
Shares of DryShips lost over 35% in the last one month, significantly underperforming the Zacks Transportation-Shipping industry’s gain of 0.13%.
The reverse stock split will undoubtedly boost the share price of DryShips.
Eagle Bulk Shipping Inc. , Paragon Shipping Inc. (PRGNF - Free Report) and Globus Maritime Limited (GLBS - Free Report) also recently announced a reverse stock split to boost stock price.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>