Alaska Communications (NASDAQ: ALSK), the provider of advanced broadband and managed IT services for businesses and consumers in Alaska, has announced that its board of directors, in consultation with its legal, tax and financial advisors, had approved a process for current and potential stockholders of Alaska Communications to follow with respect to the submission of requests to the Board requesting exemptions from the stock ownership limits under the Alaska Communications tax benefits preservation plan so that they can effect stock purchases that would otherwise be triggering events under the tax benefits preservation plan, the company said.
As Alaska Communications previously disclosed, on January 8, 2018, its Board adopted the tax benefits preservation plan to preserve the federal net operating loss carryforwards (NOLs) that Alaska Communications has generated from historical tax losses from being limited by the application of Section 382 of the US Internal Revenue Code.
As of December 31, 2017, Alaska Communications had approximately USD 78.1 million of (pre-tax) federal NOLs, with various expiration dates beginning in 2031 through 2037, which could potentially be utilized in certain circumstances to offset Alaska Communications´ future taxable income and reduce its federal income tax liability.
Alaska Communications is the provider of advanced broadband and managed IT services for businesses and consumers in Alaska. The company operates a highly reliable, advanced statewide data network with the latest technology and the most diverse undersea fiber optic system connecting Alaska to the contiguous US. For more information, visit www.alaskacommunications.com or www.alsk.com.