Sunnova Adopts Tax Asset Preservation Plan Designed to Protect the Availability of its Net Operating Losses
Sunnova Energy International Inc. (NOVA)
Last sunnova energy international inc. earnings: 2/24 04:43 pm
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Source: Business Wire
Board acts to preserve long-term shareholder value by adopting a Section 382 rights plan intended to protect potentially valuable tax assets HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) announced today that its Board of Directors adopted a shareholder rights plan designed to protect long-term shareholder value by preserving the availability of Sunnova’s net operating loss carryforwards (“NOLs”) and other tax attributes under the Internal Revenue Code (“Tax Asset Preservation Plan”).As of December 31, 2024, Sunnova had approximately $1.4 billion of U.S. federal NOLs that could be available to offset its future federal taxable income. Sunnova’s ability to use these NOLs would be substantially limited if its “5-percent shareholders” (determined under Section 382 of the Internal Revenue Code (“IRC”)) increased their ownership of the value of such company’s stock by more than 50 percentage points over a rolling three-year period, which the IRC cla
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