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INNOVATE Corp. - VATE STOCK NEWS

Welcome to our dedicated page for INNOVATE news (Ticker: VATE), a resource for investors and traders seeking the latest updates and insights on INNOVATE stock.

INNOVATE Corp. (NYSE: VATE) is a diversified holding company that excels in three fundamental sectors of the new economy: infrastructure, life sciences, and spectrum. With a workforce of over 4,300 employees across its subsidiaries, INNOVATE is committed to stakeholder capitalism, ensuring that the interests of all stakeholders are considered in its operations.

The company's infrastructure segment is led by DBM Global Inc., which specializes in industrial construction and structural steel services. DBM Global offers integrated solutions that range from the fabrication and erection of structural steel to the maintenance of industrial facilities.

In the life sciences segment, INNOVATE operates through Pansend Life Sciences. This subsidiary focuses on developing innovative products for early osteoarthritis treatment of the knee, as well as aesthetic and medical skin technologies. These projects aim to revolutionize patient care with advanced medical solutions.

The spectrum segment is managed by HC2 Broadcasting Holdings Inc., which runs over-the-air broadcasting stations throughout the United States. This segment is crucial for providing accessible and widespread broadcasting services.

Recently, INNOVATE announced that it expects to use the proceeds from its rights offering for various general corporate purposes, further strengthening its financial position and supporting its growth initiatives. The company remains proactive in exploring new opportunities and forming strategic partnerships to enhance its asset portfolio and drive long-term value.

For the latest updates and detailed information on INNOVATE's performance, projects, and developments, visit their official website or contact Solebury Strategic Communications.

News

INNOVATE Corp. to Report First Quarter 2024 Results on May 7th

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INNOVATE Corp. (NYSE: VATE) will unveil its first-quarter 2024 financial results on May 7, 2024, after the market closes. An earnings conference call will take place the same day at 4:30 p.m. ET. The call will be live-streamed on the company's Investor Relations website. Dial-in details are provided for interested parties. A replay will be accessible on the website post the call.

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INNOVATE Corp. Announces Closing of Rights Offering

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INNOVATE Corp. successfully closed its rights offering, with 5.2 million common stock shares purchased through basic subscription rights and additional shares under over-subscription privilege. Lancer Capital partially backstopped the offering with $15.3 million, purchasing preferred stock. The Company issued 5.3 million new common stock shares at $0.70 per share, raising $3.7 million, and 31.3 thousand preferred stock shares to Lancer Capital for $31.3 million. The total shares outstanding will be 85.2 million, potentially increasing to 129.9 million upon conversion of Lancer Capital's preferred stock. The proceeds will be used for general corporate purposes.
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INNOVATE Corp. Announces Preliminary Results of Rights Offering

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INNOVATE Corp. announced the successful results of its rights offering, with 18.1 million basic subscription rights exercised to purchase 5.2 million common stock shares. Lancer Capital agreed to backstop the offering for $19.0 million. The company also sold 25.0 thousand shares of preferred stock to Lancer Capital for $25.0 million.
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INNOVATE Corp. Announces Further Extension of Rights Offering Subscription Period

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INNOVATE Corp. extends subscription period for rights offering allowing stockholders and noteholders to participate until April 19, 2024. The offering is made pursuant to an effective shelf registration statement on Form S-3 and a prospectus supplement filed with the SEC.
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INNOVATE Corp. Announces Extension of Rights Offering Subscription Period

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INNOVATE Corp. extends subscription period for rights offering, allowing stockholders and noteholders more time to participate. The offering is pursuant to an effective shelf registration statement and prospectus supplement filed with the SEC. The extension aims to provide eligible holders with additional time to subscribe.
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INNOVATE Corp. Announces Commencement of Rights Offering

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INNOVATE Corp. announces a $19.0 million rights offering for its common stock, giving stockholders the opportunity to participate and subscribe for new shares. The offering includes over-subscription privileges and is backstopped by Lancer Capital. Holders of preferred stock and convertible notes can also participate. The offering involves the purchase of newly issued Series C Non-Voting Participating Convertible Preferred Stock if the common stock limit is reached. Lancer Capital will purchase up to $19.0 million of Preferred Stock and an additional $16.0 million in a private placement transaction. The terms of the Preferred Stock include a liquidation preference junior to existing preferred stock. If settlement does not occur by March 28, 2024, Lancer Capital will purchase $25.0 million of Preferred Stock. The Preferred Stock can be convertible into common stock subject to shareholder approval. The investment agreement includes standstill provisions restricting Lancer Capital's actions. The offering will expire on March 25, 2024, unless extended by the Company, with trading in the rights ceasing on March 20, 2024.
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INNOVATE Corp. Announces Rights Offering Pricing

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INNOVATE Corp. (VATE) announces pricing for rights offering at $0.70 per share, allowing holders to purchase 0.2858 shares per subscription right. The offering includes existing preferred stock and convertible notes holders, expiring on March 25, 2024. The Company will distribute subscription rights certificates and prospectus supplements starting March 8, 2024.
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INNOVATE Corp. Announces Fourth Quarter and Full Year 2023 Results

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INNOVATE Corp. (VATE) reported its Q4 and full-year results, showing a revenue decrease of 11.8% and a net loss increase of 37.1% compared to the previous year. The company's Total Adjusted EBITDA also declined by 23.5%.
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INNOVATE Corp. Announces Rights Offering for Common Stock

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INNOVATE Corp. announces a $19.0 million rights offering for its common stock, allowing all stockholders to participate. The offering includes over-subscription privileges, backstopped by Lancer Capital LLC. The company plans to use the proceeds for general corporate purposes.
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INNOVATE Corp. to Report Fourth Quarter and Full Year 2023 Results on March 4th

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INNOVATE Corp. (NYSE: VATE) will release its financial results for Q4 and full year 2023 on March 4, 2024, followed by an earnings conference call. The call will review results, operations, and strategy, accessible live online. Dial-in instructions provided.
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FAQ

What is the current stock price of INNOVATE (VATE)?

The current stock price of INNOVATE (VATE) is $11.84 as of February 4, 2025.

What is the market cap of INNOVATE (VATE)?

The market cap of INNOVATE (VATE) is approximately 151.3M.

What does INNOVATE Corp. specialize in?

INNOVATE Corp. specializes in infrastructure, life sciences, and spectrum sectors through its various subsidiaries.

How many employees does INNOVATE Corp. have?

INNOVATE Corp. employs over 4,300 people across its subsidiaries.

What is DBM Global Inc.?

DBM Global Inc. is a subsidiary of INNOVATE Corp. that provides industrial construction, structural steel services, and facility maintenance.

What products does Pansend Life Sciences develop?

Pansend Life Sciences develops products for early osteoarthritis treatment of the knee and advanced aesthetic and medical skin technologies.

What does HC2 Broadcasting Holdings Inc. do?

HC2 Broadcasting Holdings Inc. operates over-the-air broadcasting stations across the United States.

How does INNOVATE Corp. use the proceeds from its rights offering?

INNOVATE Corp. plans to use the proceeds from its rights offering for general corporate purposes to strengthen its financial position.

What is stakeholder capitalism?

Stakeholder capitalism is a business approach where a company considers the interests of all its stakeholders, including employees, customers, suppliers, and the community, in its decision-making processes.

Where can I find the latest news about INNOVATE Corp.?

The latest news about INNOVATE Corp. can be found on their official website or by contacting Solebury Strategic Communications.

Which stock exchange is INNOVATE Corp. listed on?

INNOVATE Corp. is listed on the New York Stock Exchange (NYSE) under the symbol VATE.

How can I contact INNOVATE Corp. for more information?

For more information, you can contact Solebury Strategic Communications at ir@innovatecorp.com or call (212) 235-2691.
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INNOVATE Corp.

NYSE:VATE

VATE Rankings

#4129 Ranked by Market Cap
N/A Ranked by Dividends

VATE Stock Data

151.31M
5.36M
59.56%
21.96%
2.16%
Engineering & Construction
Fabricated Structural Metal Products
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United States of America
NEW YORK