HC2 Holdings Adopts Tax Benefits Preservation Plan to Protect Tax Attributes and Stockholder Value
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 HC2's net operating loss carryforwards ("NOLs") and other tax attributes under the Internal Revenue Code ("Tax Benefits Preservation Plan"). As of December 31, 2020, HC2 had approximately $170.3 million of federal NOLs and $175.3 million of Section 163j interest limitation carryforwards available to offset its future taxable income. However, if the Company were to experience an ownership change as defined in Section 382 of the Code, its ability to utiliz
