INAP Adopts Plan Designed to Protect NOLs
INTERNAP CORP COMMON (INAP)
Last internap corp common earnings: 11/12 07:30 am
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US:NASDAQ Investor Relations:
ir.inap.com/investor-relations
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Source: GlobeNewswire
RESTON, Va., Dec. 19, 2019 (GLOBE NEWSWIRE) -- Internap Corporation (“INAP”) (NASDAQ: INAP), a leading-edge provider of high-performance data center and cloud solutions with global network connectivity, announced today that its Board of Directors (the “Board”) has adopted a stockholder rights agreement (the “NOL Rights Plan”) in order to protect the availability of INAP’s net operating losses (“NOLs”) in future tax years under the Internal Revenue Code. At December 31, 2018, INAP had $366.6 million of NOLs available for use to offset INAP’s future federal taxable income. INAP’s ability to use its NOLs would be substantially limited if INAP experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code. A company generally experiences such an ownership change if the percentage of its stock owned by its “5-percent shareholders,” as defined in Section 382, increases by more than 50 percentage points over a rolling three-year period. The NOL Rights Plan is i
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