Avram A. Glazer - Mar 28, 2024 Form 4 Insider Report for INNOVATE Corp. (VATE)

Role
Director, 10%+ Owner
Signature
/s/ Avram A. Glazer
Stock symbol
VATE
Transactions as of
Mar 28, 2024
Transactions value $
$25,000,000
Form type
4
Date filed
4/1/2024, 04:06 PM
Previous filing
Jun 20, 2023
Next filing
Apr 25, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction VATE Series C Non-Voting Participating Convertible Pref Stock Award $25M +25K $1,000.00* 25K Mar 28, 2024 Common Stock 35.7M $0.70 By: Lancer Capital LLC F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The Series C Non-Voting Participating Convertible Preferred Stock will convert automatically into common stock upon stockholder approval of the conversion and may be converted at the option of the reporting person prior to the consummation of any merger, sale of all or substantially all assets of the Issuer, or other change of control transaction with a third party unaffiliated with any holder of the Series C Preferred Stock pursuant to which the Issuer will be delisted from the New York Stock Exchange.
F2 The reported security does not have an expiration date.
F3 The reporting person is the trustee of the Avram Glazer Irrevocable Exempt Trust (the "Trust"), which is the sole member of Lancer Capital LLC ("Lancer Capital:), and in such capacity may be deemed to beneficially own the shares held of record by Lancer Capital and the Trust.