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Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Subsequent Events [Abstract] |
Subsequent Events | 19. Subsequent Events On July 1, 2021, the Company completed the previously announced sale of its insurance segment, comprised of CIG and its wholly-owned subsidiaries, Continental General Insurance Company and Continental LTC Inc., to Continental General Holdings LLC, an entity controlled by Michael Gorzynski, a director of the Company and, as of June 30, 2021, a beneficial owner of approximately 6.6% of the Company's outstanding common stock who has also served as executive chairman of Continental since October 2020. The total transaction value of approximately $90.0 million consists of a combination of $65.0 million in cash plus securities plus certain assets at CGI. On July 1, 2021, CGI exchanged their Series A and Series A-2 Preferred Stock for new classes of Series A-3 and A-4 Preferred Stock with an extended maturity of July 1, 2026 and a redemption option at the Company's discretion, with other terms substantially unchanged from the terms in the Series A and Series A-2 Preferred Stock. Concurrently with the sale of CGI and the exchange of the Series A and Series A-2 Preferred stock for new classes of Series A-3 and A-4 Preferred Stock, Michael Gorzynski, a director of the Company and executive chairman of Continental, increased his beneficial ownership of the Company's outstanding common stock to 10.8%. On July 14, 2021, HC2 Broadcasting had entered into an Asset Purchase Agreement for $6.5 million to sell its non-core channel share agreement. On August 2, 2021, HC2 Broadcasting finalized the sale of two of its non-core full power stations for $4.0 million. On July 21, 2021, the Company provided an additional $15.0 million in Series C funding to R2 Technologies Inc. at a post-money valuation of $150.0 million. The investment was made through HC2’s Life Sciences subsidiary, Pansend Life Sciences, LLC, increasing the Company's fully diluted ownership to 50.4%.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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