San Antonio-based national specialty underwriter Argonaut Group Inc. filed with the U.S. Securities and Exchange Commission to sell up to $150 million in common stock.
Proceeds may be used for general corporate purposes, which may include working capital, insurance underwriting subsidiaries, capital spending and debt repayment, the company said in the shelf registration.
Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Its shares were down $1.33, or 7.8 percent, at $15.71 on Nasdaq. They have ranged from $13.37 to $23.55 in the past 52 weeks.
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