Avram Glazer Trust Amends INNOVATE Corp. Stake

TL;DR

Glazer Trust updated its INNOVATE Corp. filing - watch for potential moves.

AI Summary

Avram Glazer, through the Avram Glazer Irrevocable Exempt Trust, has filed an amendment to their Schedule 13D, indicating a change in their beneficial ownership of INNOVATE Corp. The filing, dated April 1, 2024, does not specify the exact number of shares or percentage change but signals an update to their holdings in the fabricated structural metal products company.

Why It Matters

This filing indicates a potential shift in significant ownership for INNOVATE Corp., which could influence the company's strategic direction or market perception.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can precede significant corporate actions or market shifts, warranting investor attention.

Key Players & Entities

• Avram Glazer (person) — Beneficial owner
• Avram Glazer Irrevocable Exempt Trust (company) — Filing entity
• INNOVATE Corp. (company) — Subject company
• HC2 Holdings, Inc. (company) — Former company name
• PTGi HOLDING, INC. (company) — Former company name

FAQ

Key Financial Figures

• $0.001 — ame of Issuer) Common Stock, par value $0.001 per share (Title of Class of Securiti
• $2,000,000 — uer”) issuable upon conversion of $2,000,000 principal amount of the Issuer’s
• $25,000,000 — o;) for the aggregate purchase price of $25,000,000 pursuant to that Investment Agreement d
• $19.0 million — was entered into in connection with the $19.0 million common stock rights offering commenced
• $16.0 million — estment Agreement, Lancer will purchase $16.0 million of Series C Preferred Stock concurrentl
• $25.0 million — cise of the rights, purchased less than $25.0 million of Series C Preferred Stock upon consum
• $1,000 — rch 28, 2024 at the redemption price of $1,000 per share. The Investment Agreement i

Filing Documents

• tm2410340-1_sc13da.htm (SC 13D/A) — 65KB
• tm2410340d1_ex3.htm (EX-99.3) — 7KB
• 0001104659-24-041860.txt ( ) — 75KB

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. On March 28, 2024, Lancer purchased 25,000 shares of the Issuer’s Series C Non-Voting Participating Convertible Preferred Stock, par value $0.001 per share (“Series C Preferred Stock”) for the aggregate purchase price of $25,000,000 pursuant to that Investment Agreement dated as of March 5, 2024 (the “Investment Agreement”) by and between the Issuer and Lancer. The Investment Agreement was entered into in connection with the $19.0 million common stock rights offering commenced by the Issuer on March 8, 2024. The Investment Agreement provides that Lancer will not exercise or transfer any rights received by it, or acquire other rights, in the rights offering. Instead, Lancer will purchase up to $19.0 million of the Issuer’s Series C Preferred Stock to the extent of any unsubscribed amount of the rights offering (the “Back-Stop Arrangement”). The rules of the New York Stock Exchange (the “NYSE”) prohibit the issuance to Lancer of more than 1% of the Issuer’s common stock outstanding before the issuance unless stockholder approval of such issuance is obtained. The Series C Preferred Stock is intended to be the economic equivalent of common stock, participating on an as-converted basis in all dividends, distributions, merger consideration and all other consideration receivable by holders of the Issuer’s common stock, and a means through which the Back-Stop Arrangement can be effected prior to the completion of such stockholder vote and the satisfaction of any other regulatory requirements. In addition to the Back-Stop Arrangement, pursuant to the Investment Agreement, Lancer will purchase $16.0 million of Series C Preferred Stock concurrently with the settlement of the rights offering in private placement under Rule 506 (the “Concurrent Private Placement”). Under the rules of t

Materials to be Filed as Exhibits

Item 7. Materials to be Filed as Exhibits. Exhibit Number Description 1 Investment Agreement between Lancer Capital LLC and Innovate Corp., dated March 5, 2024 (Incorporated by reference to Exhibit 10.70 to the Issuer’s Annual Report on Form 10-K filed with the SEC on March 6, 2024). 2 Registration Rights Agreement between Lancer Capital LLC and Innovate Corp., dated March 5, 2024 (Incorporated by reference to Exhibit 10.71 to the Issuer’s Annual Report on Form 10-K filed with the SEC on March 6, 2024). 3 Joint Filing Agreement by and between Avram Glazer, Lancer Capital LLC and Avram Glazer Irrevocable Exempt Trust dated March 29, 2024. CUSIP No. 404139107 13D Page 8 of 8 Pages

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date :March 29, 2024 Avram Glazer By: /s/ Avram Glazer Name: Avram Glazer Lancer Capital LLC By: /s/ Avram Glazer Name: Avram Glazer Title: President Avram Glazer Irrevocable Exempt Trust By: /s/ Avram Glazer Name: Avram Glazer Title: Trustee

View Full Filing

View this SC 13D/A filing on SEC EDGAR