secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATE Corp. (VATE)
CIK:        0001006837
Form:       8-K
Filed at:   2024-04-24T23:59:59+00:00
Accession:  0001006837-24-000053
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000053/0001006837-24-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000053/hchc-20240424.htm
  HTML page:      https://secwatch.observer/filing/0001006837-24-000053

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