At the company’s annual general meeting of shareholders on October 26, 2016, the shareholders approved the reverse stock split and granted the Board of directors, or a duly constituted committee thereof, the authority to determine the exact split ratio and proceed with the reverse stock split.
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 April 11, 2017, DryShips said.
When the reverse stock split becomes effective, every four shares of the company’s issued common stock will be automatically combined into one share of common stock.
DryShips added that no fractional shares will be issued in connection with the reverse split of the issued common stock.
For the full year 2016, DryShips’ net loss stood at USD 198.6 million, compared to a net loss of USD 2.8 billion seen in 2015. For the fourth quarter of 2016, the firm posted a net loss of USD 77.5 million, against USD 527.6 million loss recorded in the same period of 2015.
Revenue for the full-year period was USD 51.9 million, compared to USD 969.8 million posted in 2015. Additionally, revenue for the last quarter of 2016 amounted to USD 12.8 million, against USD 23.7 million.