INNOVATE Corp. announces preliminary results of rights offering; expects ~$35M gross proceeds

INNOVATE Corp.

18.1M basic subscription rights exercised to purchase 5.2M shares of common stock at $0.70/share.
0.1M additional shares subscribed under over-subscription privilege, subject to proration.
Lancer Capital (led by Chairman Avram Glazer) to purchase 15.3K preferred shares at $1,000/share under backstop.
Total gross proceeds of ~$35M from rights offering and concurrent private placement.
Proceeds to be used for general corporate purposes including debt service and working capital.

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