INNOVATE Corp. Announces Further Extension of Rights Offering Subscription Period
April 09 2024 - 4:18PM
INNOVATE Corp. (“INNOVATE” or the “Company”) (NYSE: VATE), a
diversified holding company, announced today that its Board of
Directors has extended the subscription period for its rights
offering to 5:00 p.m. Eastern Time on April 19, 2024, in order to
allow stockholders and noteholders who are entitled to participate
in the rights offering (holders of record of the Company’s common
stock, Series A-3 Preferred Stock, Series A-4 Preferred Stock and
2026 Convertible Notes as of 5:00 p.m. Eastern Time on March 6,
2024) additional time to participate. The rights offering was
initially scheduled to expire at 5:00 p.m. Eastern Time on March
25, 2024 and the expiration date was previously extended until 5:00
p.m. Eastern Time on April 9, 2024.
The rights offering is being 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 originally
filed with the SEC on March 8, 2024, as amended on March 23, 2024
and April 9, 2024. 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 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 was made only by means of a
prospectus and a related prospectus supplement, copies of which
were distributed to all eligible rights holders 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 rights offering and concurrent private placement, including,
among others, statements related to the use of proceeds from 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.
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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