On August 19, 2019, SPII Holdings Inc. announced that pursuant to, and subject to the terms and conditions of, an agreement and plan of merger, dated as of August 18, 2019, by and among SPII, Sileo Acquisitions Inc., a wholly-owned subsidiary of SPII, and DryShips Inc, SPII will be merged with and into the Company with the Company continuing as the surviving Company and becoming a wholly-owned subsidiary of SPII. SPII Holdings anticipate that SPII will expend approximately US$76 million, net of fees, to purchase the outstanding common shares of the Company at a purchase price of US$5.25 per common share and SPII intends to fund the transactions contemplated by the merger agreement through cash on hand. In addition, SPII beneficially owns sufficient common shares to approve the merger agreement and the transactions, including the merger, and intends to vote in favor of such approval.