DryShips Prices Secondary Offering for Ocean Rig (DRYS, ORIG)
DryShips Inc. (NASDAQ: DRYS) has priced a secondary offering of 10 million shares for its majority-owned subsidiary Ocean Rig UDW Inc. (NASDAQ: ORIG), at $16.25, essentially equal to last night’s closing price of $16.26. The shares being offered are owned…
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According to the press announcement:
Companies affiliated with our Chairman and Chief Executive Officer have agreed to purchase 1,900,000 common shares from us in the offering at the public offering price.
DryShips’ shares are up about 0.8% at $3.22 in the first few minutes of trading, in a 52-week range of $1.75-$4.82.
Ocean Rig’s shares are up nearly 5.5% at $17.15 in a 52-week range of $11.70-$18.73.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.