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HC2 Holdings, Inc. (NYSE:HCHC) announced that stockholders approved proposals to increase the company’s authorized shares to 160 million and convert up to 35,000 shares of Series B preferred stock as part of a $65 million rights offering. Over 94% of the votes were in favor. Interim CEO Wayne Barr, Jr. expressed gratitude for the support, emphasizing a strategy focused on long-term value creation. The rights offering's success hinges on meeting specific conditions, with no guarantees for consummation.
HC2 Holdings, Inc. (NYSE: HCHC) reported a consolidated net revenue of $393.3 million for Q3 2020, down from $427.5 million YoY. The net loss attributable to common stockholders was $17.7 million or $0.38 per share, compared to $7.5 million or $0.16 per share in the previous year. Notably, the company has initiated a $65 million common stock rights offering and secured $20 million in funding for MediBeacon to pursue Class 1 status in China. Despite revenue declines, Clean Energy's Adjusted EBITDA rose by 61% YoY.
HC2 Holdings, Inc. (NYSE:HCHC) will announce its third quarter 2020 financial results on November 9, 2020, after market close. An earnings call will be hosted that same day at 5:00 p.m. ET, featuring interim CEO Wayne Barr, Jr. and CFO Michael J. Sena. Dial-in information for the call is provided in the release, including toll-free and international numbers. For those unable to attend live, a replay will be available post-call until November 23, 2020. HC2 is a diversified company focused on long-term sustainable free cash flow across various sectors.
HC2 Holdings, Inc. (NYSE: HCHC) has initiated a $65 million rights offering allowing current stockholders to buy additional shares. Each stockholder will receive one transferable right for every share held, enabling them to purchase 0.5462 shares at $2.27 per share. The offering includes over-subscription privileges. Lancer Capital, led by Avram Glazer, will backstop the offering with a commitment of up to $35 million. Proceeds will be used for general corporate purposes, including debt service. The rights offering expires on November 20, 2020, subject to stockholder approval for an increase in authorized shares.
HC2 Holdings (NYSE: HCHC) announced a $65 million rights offering, allowing stockholders to purchase shares at $2.27 each. The record date for stockholders to qualify is October 2, 2020. Lancer Capital will partially backstop the offering, committing up to $35 million. The proceeds will be used for general corporate purposes. The offering is subject to SEC clearance and may be adjusted or delayed based on registration effectiveness. Detailed terms will be available in a prospectus supplement.
HC2 Holdings, Inc. (NYSE: HCHC) announced a planned $65 million rights offering for its common stock, pending Board approval and SEC registration. Stockholders can subscribe based on their ownership and may exercise over-subscription privileges. Lancer Capital LLC will backstop the offering, committing up to $35 million. Shares will be offered at $2.27 each. The proceeds will fund general corporate purposes. The rights offering's details will be announced post-SEC clearance.
HC2 Holdings, Inc. (NYSE: HCHC) has amended the terms of its $81.2 million privately placed notes, extending their maturity by one year to October 2021. The borrowing terms remain largely unchanged. The Broadcasting segment may sell non-core full power stations to reduce the notes' principal. Wayne Barr, Jr., interim CEO, expressed confidence in positioning HC2 for future refinancing, while maintaining a robust platform of over 230 stations to capitalize on market opportunities as cord-cutting trends rise.
In its second quarter 2020 results, HC2 Holdings (NYSE: HCHC) reported consolidated net revenue of $377.0 million, down from $479.2 million year-over-year. The company redeemed approximately $50.6 million of senior secured notes, reducing its debt by 27% since the start of the year. Net income attributed to shareholders increased to $12.7 million or $0.26 per share, compared to $9.0 million or $0.12 in Q2 2019. Adjusted EBITDA for core subsidiaries dropped to $23.5 million from $25.2 million in the previous year, reflecting challenges in various segments exacerbated by COVID-19.
HC2 Holdings, Inc. (NYSE: HCHC) will announce its financial results for Q2 2020 on August 10, 2020, post-market. An earnings conference call will take place at 5:00 p.m. ET on the same day, featuring interim CEO Wayne Barr, Jr. and CFO Michael J. Sena. Interested stakeholders can join the live stream via the Investor Relations website or listen to the replay afterward. HC2 focuses on acquiring and enhancing businesses for long-term cash flow and stakeholder value, with its primary subsidiary being DBM Global Inc., specializing in construction services.
HC2 Holdings, Inc. (NYSE: HCHC) announced a cash dividend of approximately $5 million or $1.30 per share, to be paid on August 6, 2020, to DBM Global Inc. stockholders of record by July 27, 2020. HC2, as the largest stockholder of DBM Global, expects to receive around $4.6 million from this payout. However, HC2's individual stockholders will not receive this cash dividend.
