We have entered into an ATM Equity Offering SM Sales Agreement, dated May 7, 2009, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, or Merrill Lynch, for the offer and sale of up to $475 million of our common shares. We previously entered into an ATM Equity Offering SM Sales Agreement, dated January 28, 2009, with Merrill Lynch, for the offer and sale of up to $500.0 million of our common shares. We completed the sale of 95,669,595 common shares pursuant to this January 28, 2009 sales agreement, resulting in net proceeds of approximately $487.5 million after commissions and before deducting expenses of the offering.
In accordance with the terms of the sales agreement, we may offer and sell our common shares at any time and from time to time through Merrill Lynch as our sales agent. Sales of the common shares, if any, will be made by means of ordinary brokers’ transactions on The Nasdaq Global Select Market or otherwise at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.
Our common stock is listed on The Nasdaq Global Select Market under the symbol “DRYS.” The last reported sale price of our common stock on The Nasdaq Global Select Market on May 6, 2009 was $10.70 per share.
Investing in our common stock involves a high degree of risk.