HC2 Stockholders Approve Rights Offering Proposals
HC2 Holdings, Inc. (NYSE:HCHC) announced that stockholders approved proposals to increase the company’s authorized shares to 160 million and convert up to 35,000 shares of Series B preferred stock as part of a $65 million rights offering.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
HC2 Holdings, Inc. (NYSE:HCHC) announced that stockholders approved proposals to increase the company’s authorized shares to 160 million and convert up to 35,000 shares of Series B preferred stock as part of a $65 million rights offering. Over 94% of the votes were in favor. Interim CEO Wayne Barr, Jr. expressed gratitude for the support, emphasizing a strategy focused on long-term value creation. The rights offering's success hinges on meeting specific conditions, with no guarantees for consummation.
Positive
- Stockholder support for increasing authorized shares to 160 million.
- Approval of conversion of Series B preferred stock during rights offering.
Negative
- The rights offering's consummation is not guaranteed, depending on specific conditions.
Details
News Market Reaction – HCHC
The recorded move for HCHC in the trading session of this news was +5.22%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE:HCHC), a diversified holding company, announced today that, based on preliminary results, its stockholders have voted to approve (i) an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of common stock of the Company to 160,000,000 shares and (ii) the conversion of up to 35,000 shares of Series B preferred stock of the Company in connection with the Company’s current
“We are very pleased that our stockholders resoundingly supported our Board and our strategy of long-term value creation for all HC2 stockholders,” stated Wayne Barr, Jr., HC2’s interim Chief Executive Officer. “On behalf of the entire HC2 Board and management team, we sincerely thank our stockholders for their support throughout this process.”
About HC2
HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across multiple reportable segments, including Infrastructure, Clean Energy, Life Sciences, Spectrum, Insurance and Other. HC2’s largest operating subsidiary is DBM Global Inc., a family of companies providing fully integrated structural and steel construction services. Founded in 1994, HC2 is headquartered in New York, New York.
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, including, among others, statements regarding 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. The consummation of the Rights Offering is also subject to certain conditions. Accordingly, no assurance can be given that the Rights Offering will be consummated on its terms or at all. All forward-looking statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Investor Relations
ir@hc2.com
(212) 235-2691
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.