INNOVATE Corp. Adopts Tax Benefit Preservation Plan
NEW YORK, April 03, 2023 (GLOBE NEWSWIRE) -- INNOVATE Corp. ("INNOVATE" or "the Company") (NYSE:VATE), today announced that its Board of Directors voted to adopt a Tax Benefits Preservation Plan (the "2023 Plan") designed to protect the availability of INNOVATE's net operating loss carryforwards ("NOLs") and other tax attributes under the Internal Revenue Code (the "Code"). The adoption of this plan follows the expiration of a prior tax benefits preservation plan by its terms on March 31, 2023. As of December 31, 2022, INNOVATE had approximately $226.3 million of federal NOLs and $169.2 million of Section 163j interest limitation carryforwards available to offset its future taxable income
