INNOVATE Corp. launches $19M common stock rights offering at $0.70 per share

INNOVATE Corp.

Rights offering of up to $19.0M of common stock at $0.70/share; subscription period March 8-25, 2024.
Eligible holders: record holders of common, Series A-3/A-4 preferred, and 7.5% Convertible Notes due 2026 as of March 6.
Each right entitles purchase of 0.2858 shares; oversubscription privilege available for unsubscribed shares.
Rights transferable but not listed on NYSE; Jefferies LLC earns $750K dealer manager fee.
Proceeds expected for general corporate purposes; the offering is not a solicitation in restricted jurisdictions.

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