NEW YORK - INNOVATE Corp. (NYSE: VATE), a diversified holding company, has announced an extension of the subscription period for its ongoing rights offering until 5:00 p.m. Eastern Time on April 9, 2024. This extension is aimed at providing additional time for stockholders and noteholders who are eligible to participate.
The rights offering applies to holders of record of the company's common stock, Series A-3 Preferred Stock, Series A-4 Preferred Stock, and 2026 Convertible Notes as of the close of business on March 6, 2024. These stakeholders now have until the newly set deadline to exercise their rights under the offering.
The offering is part of a shelf registration statement that was filed with the Securities and Exchange Commission (SEC) on September 29, 2023, and declared effective on October 6, 2023. A prospectus supplement detailing the terms of the rights offering was filed with the SEC on March 8, 2024.
INNOVATE Corp. emphasizes that this press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
The rights offering is made solely by means of a prospectus and a related prospectus supplement, which have been distributed to all eligible rights holders as of the record date. Copies of these documents are also available free of charge at the SEC's website or through the information agent for the rights offering.
The company, which employs approximately 4,000 people across its subsidiaries, operates in the sectors of infrastructure, life sciences, and spectrum. It is focused on stakeholder capitalism and aims to maintain a portfolio of best-in-class assets in these key areas of the new economy.
INNOVATE Corp. also issued a cautionary statement regarding forward-looking statements, which are subject to risks, assumptions, and uncertainties that could cause actual results to differ materially from those projected. The company does not undertake to update any forward-looking statements publicly, unless required by law.
This news is based on a press release statement from INNOVATE Corp.
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