Transportation
Is This the Lucky No. 7 Reverse Stock Split for DryShips?
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Since March of 2016, cargo carrier DryShips Inc. (NASDAQ: DRYS) has conducted six reverse stock splits. On June 22, the company’s seventh reverse split — this time a one-for-five split — will become effective.
Initially founded as a dry-bulk carrier, DryShips now owns a fleet of 19 dry-bulk vessels, four tankers, four very large gas carriers (VLGCs) of liquid petroleum gas (LPG), and six offshore support vessels.
Only one of the VLGCs has been delivered to date this year, but the shipping company expects to receive the other three by the end of the year. Each vessel costs $83.5 million, and the company’s January announcement started the year off wrong with investors who promptly voted with their feet on the company’s plan to begin shipping LPG.
Here’s a list of the carrier’s reverse split history since March 2016:
- March 11, 2016: one-for-25 reverse split
- August 15, 2016: one-for-four reverse split
- November 1, 2016: one-for-15 reverse split
- January 23, 2017: one-for-eight reverse split
- April 11, 2017: one-for-four reverse split
- May 11, 2017: one-for-seven reverse split
- June 22, 2017: one-for-five reverse split announced
A shareholder who has stuck with the company since the first split will have, on Thursday, one share for every 66 that shareholder held in March of last year. On March 1, 2016, DryShips traded at the equivalent of about $4,320 per share. The stock traded at $1.20 Monday morning, down more than 31%, after posting a new 52-week split-adjusted low of $1.19.
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