Greek dry bulk carrier DryShips Inc (DRYS.O) said it has completed its at-the-market equity offering of $500 million, strengthening its balance sheet and helping the company to reduce debt, sending its shares up 5 percent.
DryShips said it now has about 184.8 million common shares outstanding. The company's market capitalization now stands at about $1.02 billion, based on the stock's Thursday closing price of $5.55.
Earlier, analysts were sceptical about what the exact number of shares outstanding would be after DryShips had announced the offering back in January.
"We believe the primary equity that we have raised has significantly improved our balance sheet and liquidity, and will enable us to continue reducing our debt obligations," Chief Executive George Economou said in a statement.
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