HC2 Holdings Adopts Tax Benefits Preservation Plan to Protect Tax Attributes and Stockholder Value
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Monday, August 30, 2021
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NEW YORK, Aug. 30, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (HC2 or the Company) (NYSE: HCHC) today announced that its Board of Directors (Board) has adopted a tax benefits preservation plan designed to protect the availability of HC2s net operating loss carryforwards ("NOLs") and other tax attributes under the Internal Revenue Code ("Tax Benefits Preservation Plan").
Key Points:
- NEW YORK, Aug. 30, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (HC2 or the Company) (NYSE: HCHC) today announced that its Board of Directors (Board) has adopted a tax benefits preservation plan designed to protect the availability of HC2s net operating loss carryforwards ("NOLs") and other tax attributes under the Internal Revenue Code ("Tax Benefits Preservation Plan").
- The Tax Benefits Preservation Plan is similar to those adopted by other public companies with significant NOLs.
- Unless terminated early, the Tax Benefits Preservation Plan will terminate on August 30, 2022, unless at the Companys 2022 annual meeting the Companys stockholders approve an extension of the Tax Benefits Preservation Plan, in which case the Tax Benefits Preservation Plan would be extended and expire at the Companys 2024 annual meeting.
- The Board has determined that adopting the Tax Benefits Preservation Plan is the best decision for HC2 and its stockholders in order to protect HC2s valuable tax attributes.