DryShips (NASDAQ: DRYS ) is hoping a tide of new capital will help its finances. The company announced that it will sell up to $200 million of its common stock in an at-the-market offering. In such issues, shares are sold incrementally on the market from time to time, at prevailing market prices, via the issuer's sales agent.
In the press release announcing the offering, the company quoted its CEO George Economou as saying that "we believe this is an opportune time to flexibly access the equity capital markets to reduce some or all of our funding needs through 2014 that we currently estimate at $150 million."
Evercore (NYSE: EVR ) is the sales agent for the issue.
At the moment, DryShips has nearly 404 million shares outstanding, and its stock most recently closed at $3.78 per share.