INNOVATE Corp. Regains Compliance with NYSE Minimum Price Requirement

Rhea-AI Summary

INNOVATE Corp. (NYSE: VATE) has regained compliance with the New York Stock Exchange's (NYSE) minimum price requirement. The company received a letter from the NYSE on August 27, 2024, confirming that it is no longer considered below the continued listing criterion of a minimum average share price of $1.00 over a 30 trading-day period.

CEO Paul Voigt expressed satisfaction with this development, stating that regaining compliance allows the company to refocus on its positive growth story. This announcement marks a significant milestone for INNOVATE, as it ensures the company's continued listing on the NYSE and potentially improves investor confidence.

Positive

• Regained compliance with NYSE's minimum price requirement
• Continued listing on NYSE secured
• Potential for improved investor confidence

Negative

• None.

Insights

Financial Analyst

INNOVATE Corp.'s compliance with NYSE listing requirements is a positive development, albeit with immediate financial impact. This news primarily addresses investor concerns about potential delisting, which could have negatively affected liquidity and shareholder value.

However, it's important to note that regaining compliance doesn't necessarily indicate improved financial performance or business fundamentals. The $1 share price threshold is a minimum requirement and the company's stock still trades at relatively low levels. Investors should focus on INNOVATE's upcoming financial reports and operational updates to gauge the company's actual progress and growth prospects.

While this news may provide short-term relief, long-term investors should remain cautious and closely monitor INNOVATE's financial health, revenue growth and profitability metrics in the coming quarters to assess the sustainability of its NYSE listing and overall investment potential.

NEW YORK, Sept. 03, 2024 (GLOBE NEWSWIRE) -- INNOVATE Corp. (NYSE: VATE) (“INNOVATE” or the “Company”) announced today that it has received a letter from the New York Stock Exchange (“NYSE”) dated August 27, 2024 (the “Compliance Notice”), notifying the Company that it is no longer considered below the NYSE’s continued listing criterion of a minimum average share price of US $1.00 over a 30 trading-day period (the "NYSE Minimum Price Requirement").

“The INNOVATE team is pleased to share that we have received notification from the New York Stock Exchange regaining listing compliance,” said Paul Voigt, INNOVATE’s CEO. “Regaining compliance with NYSE allows us to shift management and investor focus back on to our positive growth story.”

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 Company’s growth and management’s focus thereon. 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.

Investor Contact:
Solebury Strategic Communications
Anthony Rozmus
ir@innovatecorp.com
(212) 235-2691

FAQ

What NYSE requirement did INNOVATE Corp. (VATE) regain compliance with?

INNOVATE Corp. (VATE) regained compliance with the NYSE's minimum price requirement of a $1.00 average share price over a 30 trading-day period.

When did INNOVATE Corp. (VATE) receive the compliance notice from NYSE?

INNOVATE Corp. (VATE) received the compliance notice from the NYSE on August 27, 2024.

What was the CEO's response to INNOVATE Corp. (VATE) regaining NYSE compliance?

CEO Paul Voigt stated that regaining compliance allows the company to refocus on its positive growth story and shift management and investor focus back to this narrative.