INNOVATE Corp. launches $19M rights offering for common stock, backstopped by Lancer Capital

INNOVATE Corp.

INNOVATE (NYSE: VATE) announces $19.0M rights offering; record date March 6, 2024, expiration March 25, 2024.
Lancer Capital LLC (Avram Glazer’s fund) backstops offering, will purchase up to $19.0M of Series C Convertible Preferred Stock.
Lancer also agrees to buy an additional $16.0M of Preferred Stock in a concurrent private placement.
Preferred Stock carries 8% accrued interest (due on redemption), convertible to common at subscription price subject to shareholder approval.
Company waives Tax Benefit Preservation Plan to allow rights holders to acquire 4.9% or more without triggering poison pill.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.