ATHENS, GREECE--(Marketwired - Oct 27, 2016) - DryShips Inc. ( NASDAQ : DRYS ) (the "Company" or "DryShips"), an international owner of drybulk carriers and offshore support vessels, announced today the results of its Annual General Meeting of Shareholders (the "Annual General Meeting") which took place on October 26, 2016.
The following proposals were approved and adopted at the Annual General Meeting:
1. the election of Mr. George Demathas as Class C Director of the Company to serve until the 2019 Annual General Meeting of Shareholders;
2. the ratification of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company's independent auditors for the fiscal year ending December 31, 2016; and
3. the approval of one or more amendments to the Company's Amended and Restated Articles of Incorporation to effect one or more reverse stock splits of the Company's issued common shares at a ratio of not less than one-for-two and not more than one-for-1000, inclusive, with the exact ratio to be set at a whole number within this range to be determined by the Company's board of directors (the "Board"), or any duly constituted committee thereof, at any time after approval of each amendment in its discretion, and to authorize the Board to implement any such reverse stock split by filing any such amendment with the Registrar of Corporations of the Republic of the Marshall Islands.
The Company also announced today that, pursuant to the authority granted to the Board at the Annual General Meeting, the Board has determined to effect a one-for-15 reverse stock split of the Company's issued common shares.
The reverse stock split will take effect, and the Company's common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market, as of the opening of trading on November 1, 2016 under the existing trading symbol "DRYS". The new CUSIP number for the common stock following the reverse stock split is Y2109Q309.
When the reverse stock split becomes effective, every fifteen shares of the Company's issued common stock will be automatically combined...