Tengasco announces initial filing for rights offering
Tengasco announced that it has filed a registration statement with the SEC with respect to a proposed rights offering to existing shareholders as of the record date, which has not been determined. The rights offering will provide that the holders of each share of the Company's approximately 6.1M outstanding shares of common stock may purchase two new shares for 66c each. The offer includes an oversubscription privilege whereby participating shareholders may purchase shares that were offered but not purchased by other shareholders, if any are available, for 66c per share. Although the Company does not currently expect to do so, the Company may change the subscription price in the offering as it may deem necessary when the SEC deems the current filing to be effective and the Company finalizes all details of the offering. If the rights offering is fully subscribed, the Company would receive gross proceeds of approximately $8M.