Highest-materiality recent filing
INNOVATE sells DBM Global to IES for $650M; proceeds to repay debt
IES acquires DBMG for $650M base; INNOVATE (91.21% owner) gets ~$453M cash + 215,487 IES shares (~$140M) + $35M tax election payment.
INNOVATE Q2 net income $10.4M vs loss; revenue up 74% to $421.6M; DBMG record quarter
Revenue $421.6M (+74.2% YoY); diluted EPS $0.71 vs ($1.67); Total Adj. EBITDA $46.3M (+194.9%).
INNOVATE Corp. amends notes to allow PIK interest, reduces cash interest by $19M
Supplemental indentures allow interest on 10.5% 2027 notes and 9.5% convertible notes to be paid in kind for Feb-Jul 2026 period for consenting holders.
INNOVATE to sell 75% of Broadcasting to CONX Corp.; $105M bridge loan refinances existing debt
Net to INNOVATE: retains 25% of Broadcasting post-merger; CONX provides up to $75M equity commitment.
Infrastructure segment revenue $357.9M (+35.1% YoY); DBMG reported backlog $1.6B, adjusted backlog $1.8B.
INNOVATE Q4 rev surges 62% to $382.7M; net loss narrows to $7.8M; backlog $1.8B
Q4 revenue $382.7M (+61.7% YoY); net loss $7.8M ($0.58 EPS) vs $16.9M loss a year ago.
INNOVATE's MediBeacon receives FDA approval for next-gen TGFR System
MediBeacon (44.7%-owned by VATE) gets FDA nod for TGFR System with reusable sensor.
Revenue $347.1M, up 43.3% YoY; net loss attributable to common/preferred $9.4M vs $15.3M; EPS -$0.71 vs -$1.18.
INNOVATE closes $360M 10.5% notes and $54M 9.5% convertible debt refinancing
Issued $360.3M New Senior Secured Notes (10.5%, due Feb 2027); exchanged $328.1M of existing 8.5% 2026 notes; $1.9M old notes remain.
INNOVATE Q2 revenue falls 23% to $242M; net loss of $22M vs prior-year profit of $14.1M
Revenue $242M, down 22.7% YoY; net loss of $22M vs net income $14.1M in Q2 2024.
INNOVATE Corp. successfully exchanges 99.4% of 8.5% senior secured notes for 10.5% notes due 2027
US$328.1M of US$330M outstanding (99.41%) tendered for exchange; early settlement expected Aug 4, 2025.
Exchange of $48.7M 7.5% Convertible Notes due 2026 for $51.1M 9.5% Convertible Notes due 2027, secured by second-priority lien.
INNOVATE Q1 revenue $274.2M (-13% YoY); net loss widens to $24.8M; MediBeacon TGFR gets FDA approval
Revenue $274.2M, down 13% YoY; net loss attributable to common $24.8M ($1.89 per share), vs $17.7M loss YoY.
Q4 2024 revenue $236.6M (-34.5% YoY); net loss attributable to common $16.9M ($1.29 loss per share).
INNOVATE extends revolving credit facility maturity to Aug 1, 2025
Sixth Amendment to Credit Agreement dated March 13, 2020, with MSD PCOF Partners IX, LLC as lender.
MediBeacon's Transdermal GFR Monitor and Sensor approved by China NMPA; Lumitrace under review
China NMPA approved MediBeacon TGFR Monitor and Sensor for kidney function assessment; Lumitrace injection still under review, target approval late 2025.
MediBeacon TGFR System Receives FDA Approval for Kidney Function Assessment
FDA approved MediBeacon Transdermal GFR (tGFR) for assessing kidney function in adults with normal or impaired renal function without input of age, sex, race.
INNOVATE portfolio co R2 Technologies reports record Q2/Q3: unit sales up 294% YoY
R2 Q2/Q3: 294% increase in worldwide Glacial Skin system unit sales vs prior year.
INNOVATE Q3 revenue $242.2M (-35.5% YoY); net loss $15.3M vs $7.3M loss YoY
DBM Global revenue $232.8M (-37% YoY); gross margins expanded 360 bps to 18.8%
INNOVATE Q2 net income $14.1M vs loss $10.5M YoY; revenue $313M (-15%), adj. EBITDA $26.7M
Revenue $313.1M (-15.1% YoY); net income $14.1M vs loss $10.5M; diluted EPS $0.10 vs ($0.13).
INNOVATE shareholders approve reverse split, authorized shares increase; 44.7M shares converted
Shareholders approved reverse stock split of common stock (69.5M for, 3.6M against).
INNOVATE Q1 revenue $315M (-0.8%); net loss $17.7M, adj EBITDA $12.8M (+161%)
Revenue $315.2M (down 0.8% YoY); net loss attributable to common $17.7M vs $10.2M loss in Q1 2023.
Rights offering expired Apr. 19, 2024; 5.3M common shares at $0.70/share raised $3.7M in gross proceeds.
INNOVATE Corp. announces preliminary results of rights offering; expects ~$35M gross proceeds
18.1M basic subscription rights exercised to purchase 5.2M shares of common stock at $0.70/share.
INNOVATE Corp. raises $25M via Series C convertible preferred sale to Lancer Capital
Issued 25,000 shares of Series C Non-Voting Convertible Preferred to Lancer Capital for $25M.
INNOVATE Corp. launches $19M common stock rights offering at $0.70 per share
Rights offering of up to $19.0M of common stock at $0.70/share; subscription period March 8-25, 2024.
INNOVATE Corp. prices rights offering at $0.70 per share; subscription ratio 0.2858
Record date March 6, 2024; each share gets one right to buy 0.2858 shares at $0.70 per share.
INNOVATE Q4 revenue down 11.8% to $361M; NYSE notifies of $1 non-compliance
Q4 net loss attributable to common stock $9.6M ($0.12 EPS) vs $7.0M ($0.09) a year ago.
INNOVATE Corp. launches $19M rights offering for common stock, backstopped by Lancer Capital
INNOVATE (NYSE: VATE) announces $19.0M rights offering; record date March 6, 2024, expiration March 25, 2024.
INNOVATE Corp. receives NYSE delisting notice for sub-$1.00 average closing price
NYSE notice on Feb. 26, 2024 for non-compliance with Section 802.01C (minimum share price).
On September 21, 2023, INNOVATE Corp. (the “Company”) and Ms. Suzi Herbst, the Company’s Chief Operating Officer, determined by mutual agreement that Ms. Herbst’s employment with the Company would cease on or around October 20, 2023.
Paul K. Voigt was named Interim Chief Executive Officer of the Company, effective immediately.
On July 23, 2023, Suzi Herbst, the Company’s Chief Operating Officer, was named Interim Chief Executive Officer, effective immediately following the unexpected death of Wayne Barr, the Company's President, Chief Executive Officer and Director.
the unexpected death of Wayne Barr, the Company's President, Chief Executive Officer and Director.
On September 13, 2022, INNOVATE Corp. (the “Company”) and Joseph Ferraro entered into a Separation and Release Agreement which provides that Mr. Ferraro’s employment will terminate on October 14, 2022, in connection with the Company’s decision to eliminate the Chief Legal Officer position at the Company as of September 14, 2022.
On August 2, 2022, the Board of Directors (the “Board”) of INNOVATE Corp. (the “Company”) appointed Amy Wilkinson as a director to fill the remaining vacancy on the Board, effective immediately.
On August 2, 2022, the Board of Directors (the “Board”) of INNOVATE Corp. (the “Company”) appointed Amy Wilkinson as a director to fill the remaining vacancy on the Board, effective immediately.
On June 28, 2022, the Board appointed Brian Goldstein as a director to fill one of the vacancies on the Board
Each of Mr. Gorzynski, Ms. Lombard and Mr. Courtis also irrevocably tendered his or her resignation as a director of the Board
Each of Mr. Gorzynski, Ms. Lombard and Mr. Courtis also irrevocably tendered his or her resignation as a director of the Board
Each of Mr. Gorzynski, Ms. Lombard and Mr. Courtis also irrevocably tendered his or her resignation as a director of the Board
Effective February 9, 2022, the Board of Directors of INNOVATE Corp. (the “Company”) promoted Suzi Raftery Herbst, currently Chief Administrative Officer, to Chief Operating Officer of the Company.
Max materiality 0.90 · Median 0.62 · Most common event other_material