Imation Corp. IMN today announced that its Board of Directors has
adopted a shareholder rights plan designed to
preserve the value of its significant net operating loss carryforwards
and other related tax assets under Section 382 of the Internal
Revenue Code. Imation intends to seek shareholder approval
of the Rights Plan at its 2016 Annual Meeting of Shareholders.
The Company's ability to utilize these tax assets would be substantially
limited upon an "ownership change" as defined in Section 382 of the
Code. In general, an "ownership change" would occur if the Company's "5%
shareholders" (as defined in Section 382 of the Code) increase their
ownership in Imation common stock by more than 50 percentage
See full press release
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsPress Releases
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in