INNOVATE Corp. Announces Extension of Effective Date for Reverse Stock Split to August 8, 2024
INNOVATE Corp. (NYSE: VATE) has announced an extension of the effective date for its 1-for-10 reverse stock split to August 8, 2024, after the close of trading on the NYSE. The stock is expected to begin trading on a split-adjusted basis on August 9, 2024. This move aims to increase the per share market price to meet the NYSE's minimum bid price requirement for continued listing. The reverse split, approved by stockholders on June 18, 2024, will reclassify every ten shares into one new share. Adjustments will be made to outstanding equity awards and convertible securities. The number of authorized shares and par value will remain unchanged. Computershare, Inc. is acting as the exchange agent for the split.
INNOVATE Corp. (NYSE: VATE) ha annunciato un'estensione della data di efficacia per il suo raggruppamento azionario inverso 1-per-10 al 8 agosto 2024, dopo la chiusura delle contrattazioni sulla NYSE. Si prevede che le azioni inizino a essere negoziate con il prezzo rettificato a partire dal 9 agosto 2024. Questa mossa mira ad aumentare il prezzo di mercato per azione per soddisfare il requisito di prezzo minimo per l'offerta della NYSE per una continuazione della quotazione. Il raggruppamento, approvato dagli azionisti il 18 giugno 2024, riclassificherà ogni dieci azioni in una nuova azione. Saranno effettuate modifiche ai premi azionari e ai titoli convertibili in circolazione. Il numero di azioni autorizzate e il valore nominale rimarranno invariati. Computershare, Inc. agisce come agente di cambio per il raggruppamento.
INNOVATE Corp. (NYSE: VATE) ha anunciado una extensión de la fecha de efectividad para su división de acciones inversa 1-por-10 hasta el 8 de agosto de 2024, después del cierre de la negociación en la NYSE. Se espera que las acciones comiencen a negociarse en base ajustada por la división el 9 de agosto de 2024. Este movimiento busca aumentar el precio de mercado por acción para cumplir con el requisito de precio mínimo de oferta de la NYSE para continuar listadas. La división, aprobada por los accionistas el 18 de junio de 2024, reclasificará cada diez acciones en una nueva acción. Se realizarán ajustes a las recompensas de acciones en circulación y a los valores convertibles. El número de acciones autorizadas y su valor nominal permanecerán sin cambios. Computershare, Inc. actúa como agente de cambio para la división.
INNOVATE Corp. (NYSE: VATE)는 그 1대 10 비율의 주식 분할의 시행 날짜를 2024년 8월 8일로 연장한다고 발표했습니다. 이 날짜는 NYSE의 거래 종료 후입니다. 주식은 2024년 8월 9일부터 분할 조정 가격으로 거래될 것으로 예상됩니다. 이러한 조치는 NYSE의 계속 상장 요건인 최소 입찰가를 충족하기 위해 주식당 시장 가격을 높이기 위한 것입니다. 2024년 6월 18일에 주주들의 승인을 받은 이번 비율 조정은 10주를 1주의 새로운 주식으로 재분류합니다. 발행된 주식 보상과 전환 가능한 증권에 대한 조정이 이루어질 것입니다. 승인된 주식 수와 액면가는 변경되지 않습니다. Computershare, Inc.는 비율 조정에 대한 교환 에이전트로 활동하고 있습니다.
INNOVATE Corp. (NYSE: VATE) a annoncé une extension de la date d'effet de son fractionnement inversé d'actions 1 pour 10 au 8 août 2024, après la clôture des échanges sur la NYSE. Les actions devraient commencer à être négociées sur une base ajustée au fractionnement à partir du 9 août 2024. Ce mouvement vise à augmenter le prix du marché par action afin de répondre à l'exigence de prix d'offre minimum de la NYSE pour le maintien de la cotation. Le fractionnement inversé, approuvé par les actionnaires le 18 juin 2024, reclassera chaque dix actions en une nouvelle action. Des ajustements seront apportés aux récompenses en actions en circulation et aux titres convertibles. Le nombre d'actions autorisées et la valeur nominale resteront inchangés. Computershare, Inc. agit comme agent de change pour le fractionnement.
INNOVATE Corp. (NYSE: VATE) hat eine Verlängerung des Wirksamkeitsdatums für ihren 1-zu-10 aktienrücksplit auf den 8. August 2024 angekündigt, nach Handelsschluss an der NYSE. Es wird erwartet, dass die Aktien ab dem 9. August 2024 auf einer nach dem Split angepassten Basis gehandelt werden. Dieser Schritt zielt darauf ab, den Marktpreis pro Aktie zu erhöhen, um die Mindestgebotsanforderung der NYSE für eine fortgesetzte Notierung zu erfüllen. Der Rücksplit, der am 18. Juni 2024 von den Aktionären genehmigt wurde, wird jedes zehn Aktien in eine neue Aktie umklassifizieren. Anpassungen werden an bestehenden Eigenkapitalvergütungen und wandelbaren Wertpapieren vorgenommen. Die Anzahl der autorisierten Aktien und der Nennwert bleiben unverändert. Computershare, Inc. fungiert als Austauschagent für den Split.
- Aims to maintain NYSE listing by increasing per share market price
- Stockholder approval obtained for the reverse stock split
- No change in the number of authorized shares or par value of Common Stock
- Potential indication of struggling stock price
- Risk of not meeting NYSE's minimum bid price requirement despite the split
- Possible reduction in liquidity due to fewer outstanding shares
NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- INNOVATE Corp. (“INNOVATE” or the “Company”) (NYSE: VATE), a diversified holding company, announced today that the Company is amending the effective date for its 1-for-10 reverse stock split of the Company’s common stock, par value
The primary goal of the reverse stock split is to increase the per share market price of the Company’s Common Stock to meet the minimum per share bid price requirement for continued listing on the NYSE. The reverse stock split was approved by the Company’s stockholders at its annual meeting of stockholders held on June 18, 2024.
As a result of the reverse stock split, every ten shares of the Company’s Common Stock issued and outstanding will be automatically reclassified and changed into one new share of the Company’s Common Stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company’s equity incentive plans and conversion of the Company’s outstanding convertible securities. The Common Stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not affect the number of authorized shares of Common Stock or the par value of the Common Stock.
Computershare, Inc. (“Computershare”), the Company’s transfer agent, is acting as the exchange agent for the Reverse Stock Split. Stockholders holding their shares electronically in book-entry form will not need to take any action. Stockholders holding certificated shares will be required to turn in their existing certificates, and all new shares will be issued in book-entry form, unless such stockholder requests otherwise.
Additional information about the reverse stock split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on April 29, 2024, which is available free of charge at the SEC’s website, www.sec.gov, and on the Company’s website at www.INNOVATECorp.com.
About INNOVATE
INNOVATE Corp. is a portfolio of best-in-class assets in three key areas of the new economy – Infrastructure, Life Sciences and Spectrum. Dedicated to stakeholder capitalism, INNOVATE employs approximately 4,000 people across its subsidiaries. For more information, please visit: www.INNOVATECorp.com.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as the expected timing of the reverse stock split, the impact of the reverse stock split on the Company’s share price, and the Company’s ability to meet the minimum per share bid price requirement for continued listing on the NYSE. You are cautioned that such statements are not guarantees of future performance and that INNOVATE’s actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause INNOVATE’s actual expectations to differ materially from these forward-looking statements include INNOVATE’s ability to continue to comply with applicable listing standards of the NYSE and the other factors under the heading “Risk Factors” set forth in INNOVATE’s Annual Report on Form 10-K, as supplemented by INNOVATE’s quarterly reports on Form 10-Q. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. INNOVATE undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws.
Contact:
Solebury Strategic Communications
Anthony Rozmus
ir@innovatecorp.com
(212) 235-2691
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