Investing.com - Shares of DryShips Inc (NASDAQ:DRYS)s were soaring on Friday, getting a boost from the company’s announcement of a share placing at a premium.
Dryships said it has approved the sale of $100 million worth of its common stock at $2.75, a 34% premium to Thursday’s closing price of $2.05. In addition, the company approved a rights offering allowing shareholders to buy their pro rata portion of up to $100 million worth of stock at $2.75 each.
Proceeds will be used for general corporate purposes, vessel acquisitions or to pay down debt.
Dryships shares responded by rallying 47.2% to reach $3.02.