Announcement • Jun 03
CONX Corp. (OTCPK:CNXX) entered into a definitive agreement to acquire 75% stake in HC2 Broadcasting Holdings Inc from INNOVATE 2 Corp. CONX Corp. (OTCPK:CNXX) entered into a definitive agreement to acquire 75% stake in HC2 Broadcasting Holdings Inc from INNOVATE 2 Corp on May 29, 2026. Pursuant to the agreement, Merger Sub will merge with and into Broadcasting, with Broadcasting surviving the Merger as a subsidiary of CONX (the “Surviving Entity”). Upon closing, Broadcasting shareholders will receive equity in the surviving entity, with existing Broadcasting shares converting into the right to receive approximately 25% of the outstanding shares of the surviving entity. Merger Sub’s equity interests will convert into approximately 75% ownership of the surviving entity, reflecting consideration attributable to the extinguishment of the bridge loan and CONX’s commitment to provide up to $75 million in equity funding. After the closing of the transaction, it is expected that CONX will own approximately 75% of Broadcasting and INNOVATE will own approximately 25% of Broadcasting through HC2 Holdco.
The transaction has been approved by the Boards of Directors of each of INNOVATE and CONX. The Closing is subject to customary conditions, including (a) receipt of regulatory approvals, including certain approvals of the Federal Communications Commission and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (b) that the obligations under the New Loan Agreement shall not have been declared due and payable.
Mario Schollmeyer of Sullivan & Cromwell LLP acted as legal advisor for CONX Corp. Sean O’Neal and Charles Allen of Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor for INNOVATE Corp. Announcement • May 16
CONX Corp. announced delayed 10-Q filing On 05/15/2026, CONX Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 01
CONX Corp. announced delayed annual 10-K filing On 03/31/2026, CONX Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC. 
