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Non-Tech : Shipping - Oil & Gas Tankers, Dry cargo, LNG -- Ignore unavailable to you. Want to Upgrade?

To: rdkflorida2 who wrote (2249)	8/30/2023 3:45:35 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 2670

PSHG has had its recent run with an investment by George Economou who was the stock promoter that used share issuing and reverse splits with DRYS to fleece share holders. DryShips executed eight reverse stock splits between March 2016 and July 2017, shrinking 11.76 million shares to a single share, according to Seeking Alpha. [7] Shortly before DryShips’ final reverse split, Mother Jones journalist Kevin Drum, citing figures from The Wall Street Journal, noted that DryShips investors had lost 99.99% of their investments between early November 2016 and mid-July 2017. [8] Seven reverse splits had been executed at this point; a final reverse split, announced on July 19, 2017, [9] caused the company’s shares to lose another 51% of their value over the next three trading sessions. [10] While executing its reverse splits, DryShips also engaged in a stock-sale agreement with Kalani Investments, a company registered in the British Virgin Islands, which had the effect of more than negating the impact of its reverse splits.[ citation needed] Between October 2016 and mid-July 2017, DryShips’ issuance and sale of new shares to Kalani effectively converted 10 million outstanding shares (as of October 2016) into the equivalent of 450 billion shares (as of mid-July 2017). In reality, DryShips only had 26 million net shares outstanding in mid-July 2017, but each share was the equivalent of 16,800 shares held before any reverse splits. [8]