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Ownership Document
|
| Schema Version: X0508 |
| Document Type: 4 |
| Period of Report: 3/19/24 |
| Not Subject to Section 16: 0 |
| Issuer: |
| Issuer CIK: 1006837 |
| Issuer Name: INNOVATE Corp. |
| Issuer Trading Symbol: VATE |
| Reporting Owner: |
| Reporting Owner ID: |
| | Owner CIK: 1801092 |
| | Owner Name: Percy Rockdale LLC |
| Reporting Owner Address: |
| | Owner Street 1: 595 MADISON AVENUE |
| | Owner Street 2: 30TH FLOOR |
| | Owner City: NEW YORK |
| | Owner State: NY |
| | Owner ZIP Code: 10022 |
| | Owner State Description: |
| Reporting Owner Relationship: |
| | Is Director? No |
| | Is Officer? No |
| | Is Ten Percent Owner? Yes |
| | Is Other? No |
| | Officer Title: |
| | Other Text: |
| Aff 10b5 One: 0 |
| Derivative Table: |
| Derivative Transaction: |
| | Security Title: |
| | | Value: Subscription Rights (right to buy) |
| | | Footnote ID: F1 |
| | Conversion or Exercise Price: |
| | | Value: 0.70 |
| | Transaction Date: |
| | | Value: 3/19/24 |
| | Deemed Execution Date: |
| | Transaction Coding: |
| | | Transaction Form Type: 4 |
| | | Transaction Code: S |
| | | Equity Swap Involved? No |
| | Transaction Timeliness: |
| | Transaction Amounts: |
| | | Transaction Shares: |
| Value: 100,000 |
| | | Transaction Price Per Share: |
| Value: 0.0049 |
| Footnote ID: F4 |
| | | Transaction Acquired-Disposed Code: |
| Value: D |
| | Exercise Date: |
| | | Footnote ID: F2 |
| | Expiration Date: |
| | | Footnote ID: F3 |
| | Underlying Security: |
| | | Underlying Security Title: |
| Value: Common Stock, par value $0.001 per share |
| | | Underlying Security Shares: |
| Value: 25,000 |
| | Post-Transaction Amounts: |
| | | Shares Owned Following Transaction: |
| Value: 4,948,755 |
| | Ownership Nature: |
| | | Direct or Indirect Ownership: |
| Value: D |
| Footnote ID: F5 |
| Footnotes: |
| Footnote - F1: The subscription rights were distributed by INNOVATE Corp., in a transaction exempt under Exchange Act Rule 16a-9(b). |
| Footnote - F2: The rights offering commenced on March 8, 2024. |
| Footnote - F3: The rights offering will expire at 5:00 p.m., Eastern time, on March 25, 2024 unless extended by INNOVATE Corp. |
| Footnote - F4: The price reported in Column 8 is a weighted average price. These subscription rights were sold in multiple transactions ranging from $0.0042 to $0.0051, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, INNOVATE Corp., or any security holder of INNOVATE Corp., upon request, full information regarding the number of subscription rights sold at each separate price within the range. |
| Footnote - F5: The reporting person and certain other persons may be deemed to be members of a Section 13(d) group that beneficially owns more than 10% of the Issuer's outstanding Common Stock. The reporting person disclaims beneficial ownership of the shares of Common Stock of the Issuer beneficially owned directly by the other members of the Section 13(d) group except to the extent of its pecuniary interest therein. |
| Owner Signature: |
| Signature Name: Percy Rockdale LLC; By: /s/ Michael Gorzynski, Sole Manager |
| Signature Date: 3/21/24 |
