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.