AIKido Pharma Inc. Adopts Plan to Preserve Valuable Tax Assets
AIkido Pharma Inc. (AIKI)
Company Research
Source: PR Newswire
NEW YORK, March 23, 2020 /PRNewswire/ -- AIkido Pharma Inc. (NASDAQ: AIKI) ("AIkido" or the "Company") today announced that its Board of Directors (the "Board") has acted to preserve and protect the Company's valuable income tax net operating loss carryforwards ("NOLs") by adopting a stockholder rights plan in the form of a Section 382 Rights Agreement, dated as of March 23, 2020, by and between the Company and VStock Transfer LLC (the "Stockholder Rights Plan").AIkido estimates that its NOLs total over $55 million as of March 31, 2020, which could be used to offset AIkido's future taxable income and therefore reduce its federal and state income tax liabilities. AIkido's Stockholder Rights Plan is similar to plans adopted by numerous other public companies with significant NOL tax assets.AIkido's ability to use these tax assets and others which may be generated would be substantially limited in the event of an "ownership change" under Sections 382 and 383 of the Internal Revenue Code
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