INNOVATE Corp. Announces Rights Offering Pricing
06 Marzo 2024 - 2:00PM
INNOVATE Corp. (“INNOVATE” or the “Company”) (NYSE: VATE), a
diversified holding company, announced today that it has approved
the pricing for its previously announced rights offering.
The Company will distribute to each holder of
the Company’s common stock as of March 6, 2024 (the “rights
offering record date”), one transferable subscription right to
purchase 0.2858 shares of the Company’s common stock at a price of
$0.70 per whole share. Holders of the Company’s existing preferred
stock and convertible notes that are entitled to participate in
dividend distributions to holders of the Company’s common stock
will also be entitled to participate in the rights offering. The
offering will expire at 5:00 PM Eastern Time on March 25, 2024,
unless extended by the Company. The Company expects to mail
subscription rights certificates evidencing the rights and a copy
of the prospectus supplement for the offering to record date
stockholders beginning on March 8, 2024.
The rights offering will be made
pursuant to INNOVATE’s effective shelf registration statement on
Form S-3, filed with the SEC on September 29, 2023 and declared
effective on October 6, 2023, and a prospectus supplement
containing the detailed terms of the rights offering to be filed
with the SEC. The information in this press
release is not complete and is subject to change. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy any securities (including without limitation the
Preferred Stock to be issued and sold in the concurrent private
placement), nor shall there be any offer, solicitation or sale of
the securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful under the securities laws of
such state or jurisdiction. The rights offering will be made only
by means of a prospectus and a related prospectus
supplement. Copies of the prospectus and
related prospectus supplement, when they become available, will be
distributed to all eligible stockholders as of the rights offering
record date and may also be obtained free of charge at the website
maintained by the SEC
at www.sec.gov or by
contacting the information agent for the rights
offering.
About INNOVATE
INNOVATE Corp. is a portfolio of
best-in-class assets in three key areas of the new economy –
Infrastructure, Life Sciences and Spectrum. Dedicated to
stakeholder capitalism, INNOVATE employs approximately 4,000 people
across its subsidiaries. For more information, please
visit: www.INNOVATECorp.com.
Cautionary Statement Regarding
Forward-Looking Statements
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
contains, and certain oral statements made by our representatives
from time to time may contain, forward-looking statements regarding
the proposed rights offering and concurrent private placement,
including, among others, statements related to the expected timing,
eligible offerees, backstop purchasers and expectations
regarding participation in the rights offering, the use of
proceeds from the rights offering, the size of the rights offering
and other terms of the rights offering, all of which involve risks,
assumptions and uncertainties, many of which are outside of the
Company's control, and are subject to change. Accordingly, no
assurance can be given that the rights offering or concurrent
private placement will be consummated on the terms described above
or at all. All forward-looking statements speak only as of the date
made, and unless legally required, INNOVATE undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact:
Solebury Strategic CommunicationsAnthony
Rozmusir@innovatecorp.com(212) 235-2691
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