Leading Independent Proxy Firms ISS and Glass Lewis Recommend HC2 Stockholders Vote “FOR” Rights Offering Proposals
- Proposal 1 – to increase the number of authorized shares of common stock from 80 million to 160 million (the “Authorized Shares Proposal”).
- Proposal 2 – to approve the conversion of up to 35,000 shares of Series B preferred stock into common stock in connection with the Rights Offering.
Consummation of the Rights Offering is conditioned upon stockholder approval of the Authorized Shares Proposal. The Company believes that approval of both proposals will help ensure the successful completion of the Rights Offering, which will strengthen the Company’s balance sheet in advance of a potential refinancing of certain of its indebtedness.
HC2 expects to use the proceeds from the Rights Offering for general corporate purposes, including debt service and for working capital.
The Rights Offering will expire at
A copy of the prospectus and prospectus supplement for the rights offering is available to stockholders on the Company’s website and at the website maintained by the
Neither the Company nor its Board of Directors has, or will, make any recommendation to stockholders regarding the exercise or sale of rights in the Rights Offering. Stockholders should make an independent investment decision about whether or not to exercise or sell their rights based on their own assessment of the Company’s business and the Rights Offering.
The Rights Offering is being made pursuant to HC2’s effective shelf registration statement on Form S-3, filed with the
Cautionary Statement Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements, including, among others, statements regarding the Rights Offering, including, among others, expected timing, the use of proceeds from the Rights Offering, the size of the Rights Offering and other terms of the Rights Offering, all of which involve risks, assumptions and uncertainties, many of which are outside of the Company's control, and are subject to change. The consummation of the Rights Offering is also subject to certain conditions, including stockholder approval of the Authorized Shares Proposal and market conditions. Accordingly, no assurance can be given that the Rights Offering will be consummated on the terms described above or at all. All forward-looking statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: HC2 Holdings, Inc.