INNOVATE Corp. (VATE) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of HC2 Holdings, Inc. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Avi Glazer, Chairman of the Board. Mr. Glazer, the floor is yours.

Thank. Good morning. I'm Avi Glazer, Chairman of the Board of HC2 Holdings, Inc. In accordance with the company's July 6, 2020, press release, today's scheduled 2020 Annual Meeting of the Stockholders is being convened for the sole purpose of adjourning the meeting to Thursday, July 30, 2020. The meeting will now officially come to order. I'd like to turn the meeting over to Joseph Ferraro, the company's Chief Legal Officer and Corporate Secretary, who will serve as Secretary of this meeting.

Thank you, Mr. Chairman. I have at this meeting a complete list of the stockholders of record of the company's outstanding common stock and preferred stock on May 22, 2020, the record date for this meeting. I also have an affidavit of mailing from Broadridge Financial Solutions, certifying as to the giving of notice of this meeting and the sending to stockholders of record as of May 22, 2020, the notice of Internet availability of proxy material, all of which Broadridge commenced distributing to stockholders on May 29, 2020, and an affidavit from Computershare Investor Services certifying that on May 28, 2020, a notice of Annual Meeting of Stockholders of the company was deposited in the United States Mail to all stockholders of record at the close of business on May 22, 2020. Philip Meyer of Computershare Investor Services has been appointed to act as Inspector of Election at this meeting and has subscribed to the oath of office, which will be filed with the records of the meeting. I will now ask the Inspector of Election to submit the report.

As of the record date, there were 46,550,384 shares of common stock, 6,375 shares of Series A preferred stock equal to 1,523,973 shares of common stock on an as-converted basis. There were 4,000 shares of Series A2 preferred stock equal to 570,613 shares of common stock on an as-converted basis, in each case, outstanding and entitled to vote for a total of 48,644,970 shares of common stock, including the Series A preferred stock and Series A2 preferred stock on an as-converted basis, outstanding and entitled to vote. The total number of shares represented in person, virtually and by proxy, at this meeting are as follows: 35,805,219 shares of common stock, no shares of Series A preferred stock, which are entitled to -- in the aggregate, to 0 votes on an as-converted basis; no shares of Series A2 preferred stock, which are entitled in the aggregate to 0 votes on an as-converted basis. In total, the holders of 35,805,219 shares of common stock including the Series A preferred stock and the Series A2 preferred stock on an as-converted basis are present in person, virtually or by proxy. Accordingly, the holders of a majority of the voting power of the capital stock of the company outstanding and entitled to vote at this meeting, including its common stock and preferred stock on an as-converted basis, are present online at this meeting or by proxy and constitutes a quorum at this meeting.

Thank you. As the notice having been given for the meeting and a quorum being present, this meeting is now duly convened.

Thank you, Mr. Ferraro. Pursuant to the bylaws of the company, I'm now adjourning the 2020 Annual Meeting to be reconvened on Thursday, July 30, 2020, at 9 a.m. Eastern time, which will be held by means of remote communication. If you've already voted, you do not need to take any action unless you wish to revoke your proxy or change your vote. It is not necessary for you to revoke your shares if you've already voted. Proxy cards and voting instruction forms already returned will remain valid and shares represented thereby will be voted at the 2020 Annual Meeting in accordance with your instructions unless revoked. The proxy card included with the previously distributed proxy materials will not be updated to reflect the adjournment and may continue to be used to vote shares in connection with the Annual Meeting. The record date for voting at the Annual Meeting remains May 22, 2020. Thank you very much for your participation today, and I look forward to speaking with you again on July 30.

Thank you. This concludes the meeting. You may now disconnect.