INNOVATE Corp. - $VATE STOCK NEWS

INNOVATE Corp. (NYSE: VATE) will unveil its first-quarter 2024 financial results on May 7, 2024, after the market closes. An earnings conference call will take place the same day at 4:30 p.m. ET. The call will be live-streamed on the company's Investor Relations website. Dial-in details are provided for interested parties. A replay will be accessible on the website post the call.

INNOVATE Corp. successfully closed its rights offering, with 5.2 million common stock shares purchased through basic subscription rights and additional shares under over-subscription privilege. Lancer Capital partially backstopped the offering with $15.3 million, purchasing preferred stock. The Company issued 5.3 million new common stock shares at $0.70 per share, raising $3.7 million, and 31.3 thousand preferred stock shares to Lancer Capital for $31.3 million. The total shares outstanding will be 85.2 million, potentially increasing to 129.9 million upon conversion of Lancer Capital's preferred stock. The proceeds will be used for general corporate purposes.

INNOVATE Corp. announced the successful results of its rights offering, with 18.1 million basic subscription rights exercised to purchase 5.2 million common stock shares. Lancer Capital agreed to backstop the offering for $19.0 million. The company also sold 25.0 thousand shares of preferred stock to Lancer Capital for $25.0 million.

INNOVATE Corp. extends subscription period for rights offering allowing stockholders and noteholders to participate until April 19, 2024. The offering is made pursuant to an effective shelf registration statement on Form S-3 and a prospectus supplement filed with the SEC.

INNOVATE Corp. extends subscription period for rights offering, allowing stockholders and noteholders more time to participate. The offering is pursuant to an effective shelf registration statement and prospectus supplement filed with the SEC. The extension aims to provide eligible holders with additional time to subscribe.

INNOVATE Corp. announces a $19.0 million rights offering for its common stock, giving stockholders the opportunity to participate and subscribe for new shares. The offering includes over-subscription privileges and is backstopped by Lancer Capital. Holders of preferred stock and convertible notes can also participate. The offering involves the purchase of newly issued Series C Non-Voting Participating Convertible Preferred Stock if the common stock limit is reached. Lancer Capital will purchase up to $19.0 million of Preferred Stock and an additional $16.0 million in a private placement transaction. The terms of the Preferred Stock include a liquidation preference junior to existing preferred stock. If settlement does not occur by March 28, 2024, Lancer Capital will purchase $25.0 million of Preferred Stock. The Preferred Stock can be convertible into common stock subject to shareholder approval. The investment agreement includes standstill provisions restricting Lancer Capital's actions. The offering will expire on March 25, 2024, unless extended by the Company, with trading in the rights ceasing on March 20, 2024.

INNOVATE Corp. (VATE) announces pricing for rights offering at $0.70 per share, allowing holders to purchase 0.2858 shares per subscription right. The offering includes existing preferred stock and convertible notes holders, expiring on March 25, 2024. The Company will distribute subscription rights certificates and prospectus supplements starting March 8, 2024.

INNOVATE Corp. (VATE) reported its Q4 and full-year results, showing a revenue decrease of 11.8% and a net loss increase of 37.1% compared to the previous year. The company's Total Adjusted EBITDA also declined by 23.5%.

INNOVATE Corp. announces a $19.0 million rights offering for its common stock, allowing all stockholders to participate. The offering includes over-subscription privileges, backstopped by Lancer Capital LLC. The company plans to use the proceeds for general corporate purposes.