[Form 4/A] INNOVATE Corp. Amended Insider Trading Activity

Rhea-AI Filing Summary

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.

Positive

• Amendment adds Lancer Capital LLC as a reporting owner, improving transparency
• Quantifies indirect beneficial ownership of 2,195,000 common shares tied to 9.5% convertible notes due 2027
• Clarifies ownership chain through the Avram Glazer Irrevocable Exempt Trust and spouse, aiding investor understanding of control

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider amendment discloses a large indirect holding tied to convertible notes, indicating meaningful potential equity exposure.

The filing documents conversion-linked exposure equal to 2,195,000 shares associated with 9.5% convertible senior notes due 2027 at a $42.3143 conversion price, held indirectly via Lancer Capital. This is material because it quantifies potential dilution and insider economic exposure. The amendment also clarifies beneficial ownership chains through a trust and a spouse, improving transparency around control and voting influence. No cash prices or explicit conversions are reported beyond the conversion price and resulting share counts.

Corporate Governance Expert

TL;DR: Amendment improves disclosure of reporting persons and beneficial ownership but does not indicate changes to governance actions.

Adding Lancer Capital LLC and explaining the trust and spouse relationships addresses Form 4 completeness and helps investors trace indirect holdings. The signatures from multiple reporting persons indicate coordinated filing. The report does not disclose any director departures, related-party transactions beyond ownership, or governance actions. Impact on board control or voting power is not quantified in the filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GLAZER AVRAM A

(Last) (First) (Middle)

C/O WOODS OVIATT GILMAN LLP

1900 BAUSCH & LOMB PLACE

(Street)

ROCHESTER NY 14604

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INNOVATE Corp. [ VATE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/06/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
7.5% Convertible Senior Notes due 2026(1)	$42.3143							02/01/0021	08/01/2026	Common Stock	$0		$0	I	Lancer Capital(2)(3)
9.5% Convertible Senior Notes due 2027(1)	$42.3143							08/04/2025	03/01/2027	Common Stock	$2,195,000		$2,195,000	I	Lancer Capital(3)(4)

1. Name and Address of Reporting Person^*

GLAZER AVRAM A

(Last) (First) (Middle)

C/O WOODS OVIATT GILMAN LLP

1900 BAUSCH & LOMB PLACE

(Street)

ROCHESTER NY 14604

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Avram Glazer Irrevocable Exempt Trust

(Last) (First) (Middle)

C/O WOODS OVIATT GILMAN LLP

1900 BAUSCH & LOMB PLACE

(Street)

ROCHESTER NY 14604

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Glazer Jill H.

(Last) (First) (Middle)

C/O WOODS OVIATT GILMAN LLP

1900 BAUSCH & LOMB PLACE

(Street)

ROCHESTER NY 14604

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lancer Capital LLC

(Last) (First) (Middle)

C/O WOODS OVIATT GILMAN LLP

1900 BAUSCH & LOMB PLACE

(Street)

ROCHESTER NY 14604

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 4 amendment is being filed solely to add Lancer Capital LLC as an additional reporting owner. This holding reflects the transaction reported in the original Form 4 and is included for the purpose of gaining access to the filing system.

2. The reported shares are directly beneficially owned by Lancer Capital . The Avram Glazer Irrevocable Exempt Trust (the "Trust") is the sole member of Lancer Capital, and in such capacity may be deemed to beneficially own the shares beneficially owned by Lancer Capital. Mr. Avram A. Glazer is the trustee of the Trust, and in such capacity may be deemed to beneficially own the shares beneficially owned by the Trust.

3. Mrs. Jill H. Glazer is the spouse of Mr. Glazer and in such capacity may be deemed to beneficially own the shares beneficially owned by him.

4. The reported shares are held by Lancer Capital . The Avram Glazer Irrevocable Exempt Trust (the "Trust") is the sole member of Lancer Capital, and in such capacity may be deemed to beneficially own the shares beneficially owned by Lancer Capital. Mr. Avram A. Glazer is the trustee of the Trust, and in such capacity may be deemed to beneficially own the shares beneficially owned by the Trust.

Remarks:

	/s/ Avram A. Glazer	09/18/2025
	/s/ Jill H. Glazer	09/18/2025
	/s/ Avram A. Glazer, Trustee of the Avram Glazer Irrevocable Exempt Trust	09/18/2025
	/s/ Avram A. Glazer, President of Lancer Capital LLC	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4/A for INNOVATE Corp. (VATE) disclose?

The amendment added Lancer Capital LLC as a reporting owner and disclosed indirect beneficial ownership tied to convertible notes, including 2,195,000 common shares for the 9.5% notes due 2027.

Who are the reporting persons on the amended Form 4/A?

Reporting persons include Avram A. Glazer, the Avram Glazer Irrevocable Exempt Trust, Jill H. Glazer, and Lancer Capital LLC.

What conversion price is reported for the convertible securities?

The filing shows a conversion price of $42.3143 for the convertible senior notes referenced in the Form 4/A.

When were the relevant transactions dated in the filing?

The earliest transaction date shown is 08/04/2025, with an amendment date listed as 08/06/2025 and signatures dated 09/18/2025.

Are the reported shares held directly or indirectly?

The reported shares are held indirectly through Lancer Capital, with the Trust as the sole member and Mr. Avram A. Glazer as trustee; Jill H. Glazer is noted as spouse.