INNOVATE Corp. Announces Extension of Effective Date for Reverse Stock Split to August 8, 2024
July 29 2024 - 8:30AM
INNOVATE Corp. (“INNOVATE” or the “Company”) (NYSE: VATE), a
diversified holding company, announced today that the Company is
amending the effective date for its 1-for-10 reverse stock split of
the Company’s common stock, par value $0.001 per share (the “Common
Stock”). The reverse stock split will become effective at 5:00 p.m.
Eastern Time on August 8, 2024, after close of trading on the New
York Stock Exchange. Previously, the Company planned for the
reverse stock split to become effective on August 2, 2024. The
Company’s Common Stock is expected to begin trading on a
split-adjusted basis when the markets open on August 9, 2024, under
the existing trading symbol “VATE”.
The primary goal of the reverse stock split is
to increase the per share market price of the Company’s Common
Stock to meet the minimum per share bid price requirement for
continued listing on the NYSE. The reverse stock split was approved
by the Company’s stockholders at its annual meeting of stockholders
held on June 18, 2024.
As a result of the reverse stock split, every
ten shares of the Company’s Common Stock issued and outstanding
will be automatically reclassified and changed into one new share
of the Company’s Common Stock. Proportionate adjustments will be
made to the exercise prices and the number of shares underlying the
Company’s outstanding equity awards, as applicable, as well as to
the number of shares issuable under the Company’s equity incentive
plans and conversion of the Company’s outstanding convertible
securities. The Common Stock issued pursuant to the reverse stock
split will remain fully paid and non-assessable. The reverse stock
split will not affect the number of authorized shares of Common
Stock or the par value of the Common Stock.
Computershare, Inc. (“Computershare”), the
Company’s transfer agent, is acting as the exchange agent for the
Reverse Stock Split. Stockholders holding their shares
electronically in book-entry form will not need to take any action.
Stockholders holding certificated shares will be required to turn
in their existing certificates, and all new shares will be issued
in book-entry form, unless such stockholder requests otherwise.
Additional information about the reverse stock
split can be found in the Company’s definitive proxy statement
filed with the Securities and Exchange Commission (the “SEC”) on
April 29, 2024, which is available free of charge at the SEC’s
website, www.sec.gov, and on the Company’s website
at www.INNOVATECorp.com.
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.
Forward-Looking Statements
Certain statements in this press release may
constitute “forward-looking statements” within the meaning of the
federal securities laws. Forward-looking statements generally
relate to future events, such as the expected timing of the reverse
stock split, the impact of the reverse stock split on the Company’s
share price, and the Company’s ability to meet the minimum per
share bid price requirement for continued listing on the NYSE. You
are cautioned that such statements are not guarantees of future
performance and that INNOVATE’s actual results may differ
materially from those set forth in the forward-looking statements.
All of these forward-looking statements are subject to risks and
uncertainties that may change at any time. Factors that could cause
INNOVATE’s actual expectations to differ materially from these
forward-looking statements include INNOVATE’s ability to continue
to comply with applicable listing standards of the NYSE and the
other factors under the heading “Risk Factors” set forth in
INNOVATE’s Annual Report on Form 10-K, as supplemented by
INNOVATE’s quarterly reports on Form 10-Q. Such filings are
available on our website or at www.sec.gov. You should not place
undue reliance on these forward-looking statements, which are made
only as of the date of this press release. INNOVATE undertakes no
obligation to publicly update or revise forward-looking statements
to reflect subsequent developments, events, or circumstances,
except as may be required under applicable securities laws.
Contact:
Solebury Strategic CommunicationsAnthony
Rozmusir@innovatecorp.com(212) 235-2691
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