secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATE Corp. (VATE)
CIK:        0001006837
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001006837-24-000038
Event type: other_material
Sentiment:  positive
Materiality: 0.65
Item codes: 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000038/0001006837-24-000038-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000038/hchc-20240328.htm
  HTML page:      https://secwatch.observer/filing/0001006837-24-000038

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