DryShips announced that its wholly owned subsidiary, Gas Ships Limited has filed a registration statement on Form F-1 with the US Securities & Exchange Commission, regarding the spin off of its gas carrier business from Dryships.
In the spin-off, DryShips will distribute to holders of its common stock 49% of the issued and outstanding shares of Gas Ships Limited’s common stock. After the completion of the spin-off, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51% ownership interest in Gas Ships Limited.
The initial Form F-1 Registration Statement may be altered to provide further information regarding Gas Ships Limited and the spin-off before its completion.
The spin-off is now subject to certain conditions, including the effectiveness of Gas Ships Limited’s Form F-1 registration statement and final approval and declaration of the distribution by DryShips’ Board of Directors. DryShips can decide to abandon, modify or change the terms of the spin-off, at any time until its completion.