Merrimack board extends Section 382 net operating loss rights plan

Merrimack announced that its board of directors has extended the Section 382 net operating loss rights plan that was adopted in 2019. The plan is designed to protect the company’s ability to use its valuable net operating loss carryforwards and certain other valuable tax attributes. The extension is effective through December 2, 2025 but would terminate at the time of the company’s 2023 annual meeting if the extension is not approved by the company’s shareholders at that annual meeting.