DryShips to reverse split its stock after Nasdaq warning, CFO resigns

DryShips to reverse split its stock after Nasdaq warning, CFO resigns

DryShips has decided to undertake a four-for-one reverse split of its shares after receiving a written notification from the Nasdaq Capital Market, upon which the stock is listed.

Separately, DryShips’ CFO Ziad Nakhleh has resigned as of July 29, according to a filing to the US SEC.

Nasdaq notified the Athens-based owner on June 14 that its stock had traded at below the minimum bid price requirement of $1.00 per share for more than 30 consecutive business days. DryShips it has a 180-day grace period ending January 23, 2017 to regain compliance, the stock exchange said.

The shipowner did not reveal when exactly its stock would begin trading on a split-adjusted basis.

DryShips’ stock has lost 97.2% of its value over the past 52-week period. At the time of writing, the stock is trading at $0.40 per share, a slight increase on its 52-week low of $0.34 per share, recorded on Friday.

DryShips transferred its public listing to the Nasdaq Capital Market from the Nasdaq Global Select Market on October 13 after failing to achieve a share price of over $1.00 per share for more than 30 consecutive business days.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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