secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATE Corp. (VATE)
CIK:        0001006837
Form:       8-K
Filed at:   2024-02-26T23:59:59+00:00
Accession:  0001006837-24-000006
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000006/0001006837-24-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000006/hchc-20240226.htm
  HTML page:      https://secwatch.observer/filing/0001006837-24-000006

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