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NEW YORK - DBM Global Inc. (DBMG), an operating subsidiary of INNOVATE Corp. (NYSE:VATE), will distribute a cash dividend of approximately $4.4 million, the company announced Monday. INNOVATE Corp., currently trading at $5.89, has shown strong momentum with a 9.6% return over the past week, according to InvestingPro data.
The dividend, which amounts to $1.14 per share, will be paid on August 21, 2025, to DBMG stockholders of record as of August 7, 2025.
INNOVATE Corp., as the largest stockholder of DBMG, expects to receive approximately $4 million of the total dividend payout. The company clarified that individual INNOVATE stockholders are not eligible to receive this cash dividend.
DBM Global provides integrated steel construction services and operates in multiple countries including the United States, Australia, Canada, India, New Zealand, the Philippines, and the United Kingdom. The company offers various services including design-build, engineering, fabrication, and project management across market segments such as commercial, healthcare, stadiums, and transportation.
INNOVATE Corp. describes itself as a portfolio of assets focused on infrastructure, life sciences, and spectrum sectors, employing approximately 3,100 people across its subsidiaries.
This information is based on a press release statement from INNOVATE Corp.
In other recent news, Innovate Corp. reported a 13% decline in consolidated revenues for the first quarter of 2025, amounting to $274.2 million, alongside a net loss of $24.8 million, or $1.89 per share. Despite these financial challenges, the company noted a strategic achievement with FDA approval for a new medical device. In addition to these earnings results, S&P Global Ratings downgraded Innovate Corp.’s credit rating due to weak liquidity, lowering it to ’CCC-’ from ’CCC’ and assigning a negative outlook. The downgrade reflects concerns over Innovate’s ability to meet its financial commitments, with S&P highlighting the company’s unsustainable capital structure. The issue rating on Innovate’s senior notes due in 2026 was also reduced to ’CCC’ from ’CCC+’, although the recovery rating remained at ’2’, suggesting a 75% recovery expectation in case of default. Furthermore, S&P downgraded Innovate Corp. to ’CC’ following a planned debt exchange, which is viewed as distressed. The agency warned of a realistic possibility of conventional default if the debt restructuring does not proceed as planned. These developments underscore the financial pressures facing Innovate Corp.
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