Use our mobile site at: m.ITbriefing.net    Follow ITbriefing.net: Follow ITbriefing on Twitter   Follow ITbriefing via Facebook   Follow ITbriefing via RSS 
Support.com Reminds Investors of Its Net Operating Loss Carryforwards and Tax Benefits Preservation Plan


 Tags:   Networks                This was published: 18 Jan 2018 - 09:26 pm         Print article: Printer friendly page
          

Support.com, Inc. (NASDAQ-NMS: SPRT), a leading provider of tech support and turnkey support center services, producer of SUPERAntiSpyware® anti-malware products, and the maker of Support.com® software, today reminded its current and potential shareholders that in April 2016 its Board of Directors adopted a tax benefits preservation plan intended to preserve the utilization of Support.com’s federal net operating loss carryforwards, or NOLs, to reduce its future federal income tax liability. As of October 31, 2017, Support.com had approximately $140 million of (pre-tax) federal NOLs.



Section 382 of the Internal Revenue Code imposes limitations on the future use of a company’s NOLs if the company undergoes an “ownership change.” Support.com’s ability to benefit from its tax assets would be substantially limited by Section 382 if an “ownership change” occurred. A company experiences an “ownership change” for tax purposes if the percentage of stock owned by one or a group of its 5% stockholders (as defined for tax purposes) increases by more than 50 percentage points over a rolling three-year period over the lowest percentage of stock of such corporation owned by such stockholders at any time during that period.

In order to prevent the unintended limitation of its future use of its NOLs, Support.com’s tax benefits preservation plan provides that if any person or group (as defined in the plan) acquires 4.99% or more of our outstanding common shares without the approval of the Board of Directors, there would be a triggering event causing significant dilution in the ownership interest of such person or group subject to certain exemptions. The tax benefits preservation plan remains in effect and will expire no later than April 20, 2019 unless earlier terminated by the Board of Directors. Additional information with respect to the plan is contained in Support.com’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which Support.com filed with the Securities and Exchange Commission (“SEC”) on March 7, 2017.

“Our improvement in year-over-year profitability through the third quarter of 2017 has generated increased shareholder interest. Since our earnings release for that period, two shareholders have acquired more than 4.99% of our common stock and, as a result, have put us closer to an ownership change for purposes of Section 382. We determined that both acquisitions were inadvertent under our tax benefits preservation plan and have exempted such acquisitions from the plan, but there can be no assurance that any future acquisitions of more than 4.99% of our common shares by any investor or group will be determined to be inadvertent, thereby triggering our plan and significantly diluting the ownership interest of that investor or group. As a courtesy to our shareholders, we wanted to remind everyone of these limitations,” said Rick Bloom, Interim President and Chief Executive Officer of the company.

Article source - Business Wire, all right reserved. Copyright 2018
Trademarks, logos, pictures and other items may be copyright of firms mentioned in this article.




Further information:
Organisation name:    Support.com, Inc.
Organisation stock symbol: NASDAQ:SPRT


Latest stock price data for NASDAQ:SPRT

 


Other related articles, tagged Networks

· Global Cloud Computing Market in K-12 Education Sector - Reduced Cost of Ownership to Fuel Growth | Technavio   (02/24/18)
· WuQi Technologies is Latest Licensee of CCww’s NB-IoT UE Protocol-Stack Software   (02/24/18)
· Finland Telecoms Market Report 2018: Analysis and Outlook (2005-2025) - Trends, Drivers and Challenges - ResearchAndMarkets.com   (02/23/18)
· Global Virtual Reality Market in Education Sector - Social VR Spaces on the Rise | Technavio   (02/23/18)
· DXC Technology and Team Penske Ring Today’s NYSE Closing Bell   (02/23/18)
· Philippines Telecoms Market 2018: Analysis and Outlook Report (2005-2025) - Trends, Drivers and Challenges - ResearchAndMarkets.com   (02/23/18)
· 2018 Canada Telecoms Market Analysis and Outlook Report (2005-2025) - Trends, Drivers and Challenges - ResearchAndMarkets.com   (02/23/18)
· 2018 Egypt Telecoms Market Analysis and Outlook Report (2005-2025) - Trends, Drivers and Challenges - ResearchAndMarkets.com   (02/23/18)
· Digital Signage Software Vendor Landscape 2017 - ResearchAndMarkets.com   (02/23/18)
· 2018 South Korea Telecom Market Analysis and Outlook Report (2005-2025) - Trends, Drivers and Challenges - ResearchAndMarkets.com   (02/23/18)

>>>More articles  >>>

Latest tech videos:



· Global Cloud Computing Market in K-12 Education Sector - Reduced Cost of Ownership to Fuel Growth | Technavio (2018-02-24 19:06)
Global Cloud Computing Market in K-12 Education Sector - Reduced Cost of Ownership to Fuel Growth | Technavio - on DefenceBriefing.net

The latest market research report by Technavio on the global cloud computing market in the K-12 education sector predicts a CAGR of above 27% during the period 2018-2022.


· WuQi Technologies is Latest Licensee of CCww"s NB-IoT UE Protocol-Stack Software (2018-02-24 09:26)
WuQi Technologies is Latest Licensee of CCww’s NB-IoT UE Protocol-Stack Software - on DefenceBriefing.net

Communications Consultants Worldwide Ltd. (CCww), global innovator of 3GPP® technologies, has licensed its NB-IoT protocol-stack software to WuQi Technologies Inc., a leading global developer of highly integrated mixed-signal SoC solutions, and the latest licensee of CCww’s NB-IoT Release 13 UE protocol-stack software. Communications Consultants Worldwide (CCww) is working with WuQi Technologies for the integration of its NB-IoT protocol-stack software onto WuQi Technologies’ highly innovative SoC. This relationship, catalyzed by T2M, is enabling the production of a highly integrated, very low power, NB-IoT SoC chipset targeting IoT Smart City, Smart Home, and wearable applications.


· Global Virtual Reality Market in Education Sector - Social VR Spaces on the Rise | Technavio (2018-02-23 23:06)
Global Virtual Reality Market in Education Sector - Social VR Spaces on the Rise | Technavio - on DefenceBriefing.net

Technavio’s latest market research report on the global virtual reality market in the education sector provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.


· DXC Technology and Team Penske Ring Today"s NYSE Closing Bell (2018-02-23 23:06)
DXC Technology and Team Penske Ring Today’s NYSE Closing Bell - on DefenceBriefing.net

Mike Lawrie, chairman, president and CEO of DXC Technology (NYSE: DXC) and Roger Penske, founder and chairman of Penske Corporation were joined by Simon Pagenaud, driver of the No. 22 Dallara / Chevrolet in the Verizon IndyCar Series to ring today’s Closing Bell® at the New York Stock Exchange (NYSE). The trio unveiled DXC Technology’s new, 2018 Indy car and marked the renewed DXC-Penske sponsorship for the 2018 INDYCAR Series season.


· Smart Glasses Market for Augmented Reality - Market Analysis and Forecast by Technavio (2018-02-23 21:06)
Smart Glasses Market for Augmented Reality - Market Analysis and Forecast by Technavio - on DefenceBriefing.net

Technavio has announced its newest market research report on the global smart glasses market for augmented reality for the period 2018-2022, which will provide the latest insights into this market.


· Global Smart Bottle Market - Surge in IoT to Propel Growth | Technavio (2018-02-23 20:46)
Global Smart Bottle Market - Surge in IoT to Propel Growth | Technavio - on DefenceBriefing.net

Technavio market research analysts forecast the global smart bottle market to grow at a CAGR of close to 15% during the period 2018-2022, according to their latest report.


· Global Embedded Analytics Market - Increasing Adoption of E-commerce to Boost Growth | Technavio (2018-02-23 20:06)
Global Embedded Analytics Market - Increasing Adoption of E-commerce to Boost Growth | Technavio - on DefenceBriefing.net

The latest market research report by Technavio on the global embedded analytics market predicts a CAGR of around 15% during the period 2018-2022.


· Harris Corporation Declares Quarterly Dividend (2018-02-23 20:06)
Harris Corporation Declares Quarterly Dividend - on DefenceBriefing.net

The Board of Directors of Harris Corporation (NYSE: HRS) has declared a quarterly cash dividend of 57 cents per share on the common stock, payable March 21, 2018, to shareholders of record March 8, 2018.




© Website copyright Incandore Limited 2012. All rights reserved. All content copyrights / trademarks remain the property of their respective owners.