Why I Covered My DryShips Short Position Today [Seeking Alpha]
DRYSHIPS (DRYS)
US:NASDAQ Investor Relations:
dryships.irwebpage.com/ir.html
Company Research
Source: Seeking Alpha
Summary Note: I have previously covered DryShips (NASDAQ: DRYS ), so investors should view this article as an update to my earlier articles on the company. Admittedly, things so far this week have not played out according to my expectations so I decided to provide another update to the DryShips saga. Picture: Newcastlemax Bulk Carrier "Wish Star" reportedly acquired by DryShips last week - Source: FleetMon.com As a reminder, here are my projections from the end of last week: Given last week's increased pace, I now expect the offering to already close at the end of next week with total dilution ending up considerably lower than initially projected by me. I now project DryShips to raise the remaining $70 million at an agreed price of roughly $0.90 (without taking a potential reverse split into consideration) leading to the issuance of another 78 million new shares. Final share count would calculate to 183 million this way, substant
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