INNOVATE Corp. closes rights offering, raising $35M from common shares and Lancer Capital preferred stock.

INNOVATE Corp.

Rights offering expired Apr. 19, 2024; 5.3M common shares at $0.70/share raised $3.7M in gross proceeds.
Lancer Capital (Avram Glazer) purchased 31.3K shares of Series C preferred stock at $1,000/share for $31.3M total.
After offering, INNOVATE has 85.2M common shares outstanding; conversion of preferred could add 44.7M shares.
Proceeds from rights offering to be used for general corporate purposes, debt service, and working capital.

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