Greek dry bulk carrier DryShips Inc (DRYS.O) said it would offer common stock, its third such offering since November, and hopes to raise up to $475 million in an at-the-market offering.
Shares of the company were trading down 6 percent at $9.48 in premarket trade.
DryShips, which had earlier raised $500 million in a similar offering announced in January, disclosed its latest offering in a filing with U.S. Securities and Exchange Commission.
Oppenheimer analyst Scott Burk downgraded the stock to "perform" from "outperform" and suspended the company's price target citing near-term weakness on this offering.
"This is the company's third ATM offering since November, which has increased the share count from 43 million to 185 million currently," Burk said.
However, Burk said this offering would not be as bad for shareholders as the $500 million offering in January, which helped push the stock as low as $3.20 per share.
Merrill Lynch was the sole bookrunner for this offering.
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