DryShips Inc. (NASDAQ: DRYS) priced and increased the size of its prior announced offering from $300 million to $400 million in convertible notes issued at PAR with an interest rate of 5% and with an initial conversion price for the convertible notes of $7.19 per share. In short, overhang and dilution. That could unload another 55 million shares equivalent or so if this stock rallies again. DryShips shares are down almost 4% at $6.28 at 8:34 AM EST on 1.25 million shares. Average volume is almost 25 million shares. We won’t bother with a 52-week range because you already know this one is the king of volatility.
JON OGG
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