Innovate Corp SEC Filings

Whitefort Capital Management, with David Salanic and Joseph Kaplan, filed Amendment No. 1 to Schedule 13G reporting 7.8% beneficial ownership of INNOVATE Corp. (VATE), totaling 1,059,897 shares as of September 30, 2025.

The position comprises 743,000 shares plus $13,409,255 principal amount of the issuer’s 9.5% convertible senior notes due 2027, currently convertible into 316,897 shares. The percentage is based on 13,336,149 shares outstanding as of August 1, 2025. The reporting persons disclose shared voting and dispositive power over the reported shares and certify the securities were not acquired to change or influence control.

INNOVATE Corp. (VATE) filed its Q3 2025 10‑Q, reporting stronger topline but continued losses and a going concern warning. Revenue rose to $347.1 million from $242.2 million a year ago, led by Infrastructure ($338.4 million). Gross profit was $49.7 million.

Net loss attributable to common and participating preferred was $9.4 million (loss per share $0.71) versus $15.3 million (loss per share $1.18) last year. Year‑to‑date operating cash flow improved to $45.5 million from $(32.3) million.

The company disclosed substantial doubt about its ability to continue as a going concern, citing upcoming maturities of Corporate, Spectrum, and R2 Technologies debt and cross‑default provisions under its 10.50% 2027 Senior Secured Notes. Current portion of debt was $571.8 million at September 30, 2025. Remaining performance obligations at DBM Global totaled $1.54 billion ($1.13 billion within one year). As of November 7, 2025, shares outstanding were 13,655,062.

INNOVATE Corp. (VATE) furnished its Q3 2025 results update. The company announced results for the three and nine months ended September 30, 2025 via a press release and investor presentation, furnished under Items 2.02 and 7.01.

Exhibits include the Earnings Release (99.1) and Third Quarter 2025 Conference Call Investor Presentation (99.2). A conference call and simultaneous webcast are scheduled for November 12, 2025 at 4:30 p.m. ET on the Investor Relations section of the company’s website.

INNOVATE Corp. filed an 8-K announcing a press release titled “MediBeacon receives regulatory approval to sell the Transdermal GFR System in China.” The company states the press release is attached as Exhibit 99.1.

Exhibit 99.1 is furnished and not deemed filed under Section 18 of the Exchange Act, and it is not incorporated by reference into Securities Act filings unless specifically referenced.

INNOVATE Corp. filed an 8-K announcing that its portfolio company, DBM Global, plans to pay a cash dividend. The company issued a press release titled “INNOVATE’s Portfolio Company DBM Global to Pay Cash Dividend” on October 16, 2025, which is attached as Exhibit 99.1.

The press release is furnished and not deemed filed under Section 18 of the Exchange Act, nor incorporated by reference under the Securities Act unless specifically referenced in a future filing. INNOVATE’s common stock trades on the NYSE under the symbol VATE.

INNOVATE Corp. (VATE) Form 4/A shows amended insider reporting by Avram A. Glazer, related trust and affiliates reflecting conversions of company convertible notes. The amendment adds Lancer Capital LLC as an additional reporting owner and clarifies indirect ownership through the Avram Glazer Irrevocable Exempt Trust and familial relationships.

The filing shows convertible instruments with a $42.3143 conversion price. For the 9.5% Convertible Senior Notes due 2027, the filing reports beneficial ownership of 2,195,000 common shares following the reported transaction, held indirectly through Lancer Capital. Signatures are dated 09/18/2025.

Paul Voigt, Interim CEO of INNOVATE Corp. (VATE), reported the grant of three stock option awards on 09/15/2025. Each award covers 100,000 underlying shares of common stock for a total of 300,000 optioned shares, and each is reported as direct ownership. Exercise prices shown are $5.67, $4.22 and $25.00. The $5.67 exercise price was set at 110% of the 10-day VWAP on the grant date, per the filing. Listed exercisability and expiration dates include ranges through 09/15/2035 for one award and earlier expirations for others. The form is signed by Mr. Voigt and filed on 09/17/2025.

INNOVATE Corp. filed a current report to share a press release about one of its portfolio companies. On September 9, 2025, the company issued a release titled “INNOVATE’s Portfolio Company, R2, has Explosive Growth and Global Reach with Glacial® Skin Continuing to Redefine Aesthetic Innovation,” highlighting developments at R2 and its Glacial® Skin technology.

The press release is attached as Exhibit 99.1 and is treated as “furnished,” not “filed,” meaning it is not subject to certain liability provisions and is not automatically incorporated into other securities offerings unless specifically referenced. No new financial statements or major transactions are described in this report.

INNOVATE Corp. filed a Form D reporting a completed Rule 506(b) exempt offering of newly issued 10.500% Senior Secured Notes due 2027. The filing states the issuer conducted an exchange offer and consent solicitation that exchanged approximately $328.1 million of 8.500% Senior Secured Notes due 2026 for approximately $360.4 million of the new 10.500% Senior Secured Notes. The total offering amount and amount sold are both reported as $360,356,287, with no remaining securities to be sold. The filing lists five investors to date, a $2,000 minimum investment, $0 in sales commissions and finders' fees, and indicates proceeds paid to named officers/directors/promoters as $0. The notice is marked as a new notice with first sale on 2025-07-30 and indicates the offering will not last more than one year.