DryShips (DRYS) Closes $20M Registered Direct Offering

November 21, 2016 4:05 PM EST

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DryShips Inc. (NASDAQ: DRYS) (the "Company"), an international owner of drybulk carriers and offshore support vessels, announced today that it has closed the previously announced registered direct offering of 20,000 newly designated Series E-1 Convertible Preferred Shares, warrants to purchase 30,000 Series E-1 Convertible Preferred Shares, warrants to purchase 50,000 newly designated Series E-2 Convertible Preferred Shares, prepaid warrants to purchase an aggregate 372,874 common shares (with the number of common shares issuable subject to adjustment as described therein), and 100 common shares to an institutional investor not affiliated with the Company.

The total gross proceeds from the offering were approximately $20 million. The Company may further receive up to an aggregate of $80 million if all of the warrants to purchase preferred shares are exercised, for total gross proceeds of $100 million.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The offering was made pursuant to an effective shelf registration statement on Form F-3 (File No. 333-202821), including a base prospectus, and a prospectus supplement relating to the offering, each of which has been filed with the U.S. Securities and Exchange Commission (the "SEC"). Copies of the prospectus supplement, together with the accompanying base prospectus, can be obtained at the SEC's website at http://www.sec.gov or from DryShips Inc., 109 Kifissias Avenue and Sina Street, 151 24, Marousi, Athens, Greece, Attention: Investor Relations.



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