Dallas-based GAINSCO Inc. reported that it has raised approximately $14.8 million in gross proceeds from the completion of its previously announced common stock rights offering. The offering expired on Aug. 19, 2005.
The company plans to accept all validly exercised subscription rights and expects to issue 19,715,052 shares of its common stock to subscribers. The 19,715,052 shares exercised represent 96.8 percent of the maximum shares available through the rights offering. There was no over-subscription privilege in connection with this offering.
The company expects that shares purchased through the offering will be issued no later than Aug. 24, resulting in common stock outstanding for GAINSCO of 80,800,012 shares.
GAINSCO’s nonstandard personal automobile insurance products are distributed through retail agents in Arizona, California, Florida, Nevada and Texas. Its insurance company subsidiaries are General Agents Insurance Company of America Inc. and MGA Insurance Company Inc.
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