DryShips' Stock Soars On Heavy Volume After $200 Million Equity Investment

Shares of DryShips Inc. soared 32% in active premarket trade Tuesday, after the troubled drybulk shipping company disclosed an equity investment by Kalani Investments Ltd. Volume topped 1.4 million shares about 45 minutes ahead of the open, compared with the full-day average of 6.8 million shares. In a filing with the Securities and Exchange Commission late Monday, Greece-based DryShips said it sold 31.8 million shares of its common stock to Kalani between Dec. 23, 2016 and Jan. 30, for $200 million, or about $6.30 a share. The stock had plunged 93% during that period, from $34 on Dec. 23 to $2.46 on Monday, for an average closing price of $17.20. Meanwhile, the S&P 500 has gained 0.8% over the same time.