INNOVATE Corp. — Director's Dealing 2020

May 26, 2020

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: HC2 HOLDINGS, INC. (HCHC)
CIK: 0001006837
Period of Report: 2020-05-13

Reporting Person: Gorzynski Michael (N/A)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.001 per share	2703537	Indirect

Footnotes

F1: These securities are directly owned solely by (i) Percy Rockdale LLC ("Percy Rockdale") and (ii) Rio Royal LLC ("Rio Royal"). As of the date hereof, Percy Rockdale beneficially owns 2,693,537 shares of Common Stock and Rio Royal beneficially owns 10,000 shares of Common Stock. Mr. Gorzynski, as the sole Manager of Percy Rockdale and the sole Director of MG Capital Management, may be deemed to beneficially own the shares of Common Stock directly held by each of Percy Rockdale and Rio Royal.

F2: Each of Percy Rockdale, Rio Royal and Mr. Gorzynski may be deemed to be a member of a "group" for purposes of Section 13(d) of the Exchange Act and may be deemed the beneficial owner of the shares directly owned by the other persons. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.