DryShips enters into $200 million common stock purchase agreement with Kalani Investments
DryShips Inc., an international owner of drybulk carriers and offshore s upport vessels, has entered into an agreement with Kalani Investments Limited, an entity organized in the British Virgin Islands (“Kalani”) and that is not affiliated with DryShips.
Under the agreement DryShips may sell up to $200.0 million of its common stock to Kalani over a pe riod of 24 months, subject to certain limitations. Proceeds from any sales of common stock will be used for general corporate purposes. Kalani has no right to require any sales and is oblig ated to purchase the common stock as directed by DryShips, subject to certain limitations set forth in the agreement.
In consideration for entering into the agreement, DryShips has agreed to issue up to $1.5 million of its common stock to Kalani as a commitment fee. No warrants, derivatives, or other share classes are associated with this agreement.
DryShips is an owner of drybulk carriers and o ffshore support vessels that operate worldwide. DryShips owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.