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HC2 Holdings (NYSE: HCHC) announced a new Tax Benefits Preservation Plan to safeguard its net operating loss carryforwards (NOLs) and tax attributes, totaling approximately $170.3 million in federal NOLs as of December 31, 2020. This plan aims to prevent an ownership change that could limit these tax benefits, triggered if stock ownership by five-percent shareholders rises over 50% within three years. The plan introduces rights to purchase preferred shares, exercisable if ownership thresholds are met, and will expire on August 30, 2022, unless extended by shareholders.
HC2 Holdings, Inc. (NYSE: HCHC) is set to change its name to INNOVATE Corp. effective September 20, 2021, coinciding with a new corporate brand identity and website launch. The trading symbol will also change to VATE. This name change reflects the company's commitment to innovative growth in sectors such as infrastructure, life sciences, and spectrum. No changes to the capitalization structure will occur, and stockholders need not take any action regarding the name change.
HC2 Holdings, Inc. (NYSE: HCHC) announced that its subsidiary, DBM Global Inc. (OTC: DBMG), will distribute a cash dividend of approximately $5 million, or $1.297 per share, on August 31, 2021. Stockholders of record by August 16, 2021, will receive this payout, with HC2 expecting about $4.5 million from the dividend. Notably, HC2's individual stockholders are excluded from receiving this dividend. The company is in the process of rebranding to INNOVATE Corp., focusing on key areas like infrastructure and life sciences.
HC2 Holdings, Inc., soon to be renamed INNOVATE Corp., reported a 34.1% increase in revenue to $243.8 million for Q2 2021, driven by its Infrastructure segment, particularly following the acquisition of Banker Steel. Despite this growth, the company posted a net loss of $23.7 million, influenced by a significant prior year gain not present in 2021. Adjusted EBITDA fell to $6.5 million, primarily due to increased spending in the Life Sciences segment. DBM’s backlog surged to $1.6 billion. The company also provided $15 million in funding to R2 Technologies for commercialization efforts.
HC2 Holdings (NYSE: HCHC) will release its Q2 2021 financial results on August 6, 2021, before the market opens. The Company will host an earnings conference call at 8:30 a.m. ET on the same day to discuss the results, operations, and strategy. Interested parties can access the live call through HC2's Investor Relations website, with dial-in options provided for both domestic and international callers. A replay will be available after the call until August 20, 2021. HC2 is rebranding as INNOVATE Corp, focusing on infrastructure, life sciences, and spectrum.
HC2 Holdings (HCHC) has announced a $15 million investment in R2 Technologies, boosting its post-money valuation to $150 million. This funding will accelerate the commercialization of Glacial Rx, a CryoAesthetic treatment, and support global expansion of R2's product offerings. HC2’s subsidiary, Pansend Life Sciences, remains a key investor. R2 aims to increase manufacturing and marketing efforts to meet growing demand as it transitions to a revenue-generating phase. The company plans to expand its presence in Silicon Valley and open a satellite office in Miami.
HC2 Holdings, Inc. (NYSE: HCHC) will change its name to INNOVATE Corp. by Q3 2021, reflecting its focus on infrastructure, life sciences, and spectrum. This name change aligns with the company's strategic shift towards stakeholder capitalism and sustainable value creation. INNOVATE will encompass three segments: DBM Global for infrastructure, Pansend Life Sciences for life sciences innovations, and HC2 Broadcasting for spectrum technology. The company will introduce a new brand identity and trading symbol upon completion of the change.
HC2 Holdings, Inc. (NYSE: HCHC) has completed the sale of its insurance segment to Continental General Holdings LLC for approximately $90 million, comprising $65 million in cash and securities. This strategic move aims to enhance HC2’s focus on its core segments: Infrastructure, Life Sciences, and Spectrum. The divestiture is expected to strengthen liquidity and support future growth. The transaction was approved by HC2's Board, with Mr. Gorzynski, the buyer, recusing himself from deliberations.
HC2 Holdings (NYSE: HCHC) announced the acquisition of Banker Steel Holdco LLC for $145 million, enhancing its infrastructure business DBM Global. Financed through a $110 million term loan and revolving credit facility, this deal will support DBM's debt repayment and working capital. With over $800 million of backlog, Banker Steel bolsters DBM's presence on the East Coast. The new credit agreement lowers DBM’s cost of capital, ensuring liquidity for operations. This strategic acquisition is expected to support long-term revenue growth as the market rebounds post-pandemic.
HC2 Broadcasting, a subsidiary of HC2 Holdings (NYSE: HCHC), has expanded its broadcasting of beIN SPORTS XTRA to 36 top DMAs, reaching 22 new markets. The company also introduced beIN SPORTS XTRA en Español in 33 top DMAs, providing free access to live sports coverage, including major soccer leagues, to viewers across the U.S. Antonio Briceño, Managing Director of beIN SPORTS North America, emphasized the strategy to enhance viewer access. Wayne Barr, CEO of HC2 Holdings, highlighted the growth potential through their extensive distribution platform.
