INNOVATE Corp. raises $25M via Series C convertible preferred sale to Lancer Capital

INNOVATE Corp.

Issued 25,000 shares of Series C Non-Voting Convertible Preferred to Lancer Capital for $25M.
Buyer Lancer Capital is led by Chairman Avram A. Glazer; placement exempt under Section 4(a)(2).
Initial conversion price $0.70 per share; shares automatically convert upon stockholder approval.
Dividends equal to common dividends; redemption price $1,000 plus 8% annual after 6 years.
Company to seek stockholder approval for conversion at 2024 annual meeting.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

INNOVATE Corp.: Filed Certificate of Designations for Series C Preferred Stock, amending the certificate of incorporation (effective 2024-03-28).

Change: charter amendment
Effective: 2024-03-28

Exact text from the filing

On March 28, 2024, the Company amended its amended and restated certificate of incorporation by filing the Certificate of Designations of the Series C Preferred Stock (the “Series C Certificate of Designations”) with the Secretary of State of the State of Delaware on March 28, 2024.

View on SEC.gov

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INNOVATE Corp. filing history →

Source: SEC EDGAR

accession 0001006837-24-000038

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