DryShips Inc., a diversified owner of ocean goi ng cargo vessels, announced today that it has entered into an agreement with Kalani Investments Limited, an entity 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 period 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 obligated 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.