VATE - INNOVATE Corp. Announces Rights Offering Pricing | Benzinga
NEW YORK, March 06, 2024 (GLOBE NEWSWIRE) -- INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE:VATE), a diversified holding company, announced today that it has approved the pricing for its previously announced rights offering.
The Company will distribute to each holder of the Company's common stock as of March 6, 2024 (the "rights offering record date"), one transferable subscription right to purchase 0.2858 shares of the Company's common stock at a price of $0.70 per whole share. Holders of the Company's existing preferred stock and convertible notes that are entitled to participate in dividend distributions to holders of the Company's common stock will also be entitled to participate in the rights offering. The offering will expire at 5:00 PM Eastern Time on March 25, 2024, unless extended by the Company. The Company expects to mail subscription rights certificates evidencing the rights and a copy of the prospectus supplement for the offering to record date stockholders beginning on March 8, 2024.
The rights offering will be made pursuant to INNOVATE's effective shelf ...