DryShips Prices Share Offering Well Below Thursday's Closing Price

DryShips shares held steep losses in premarket trade Friday after the owner of drybulk carriers and tankers announced the pricing of its public share offering. The stock had fallen sharply in after-hours trade Thursday after the company said it launched a public offering of its common stock. On Friday, the company said it priced the 250,000,000 share offering at $1.40 a share, or 30% below Thursday's closing price. DryShips said it bought $80 million worth of the offering at the public-offering price. The shares were recently trading down 23% at $1.54. They had lost 57% year to date through Thursday, compared with a 5.5% gain in the S&P 500.