Lumen extends its NOL Rights Plan

Lumen Technologies announced that its board of directors has unanimously approved the amendment and restatement of its Section 382 Rights Agreement to, among other things, extend its expiration date from December 1, 2023 to December 1, 2026. The company has extended its NOL Rights Plan through December 1, 2026 to protect its federal net operating loss carryforwards of approximately $1B as of December 31, 2022, which, if available, can be used to reduce its future payments of U.S. federal income taxes. The NOL Rights Plan, as amended, was approved by the company’s shareholders at its 2021 Annual Meeting of Shareholders by approximately 90% of the votes cast. The company intends to submit the amendment and restatement of the NOL Rights Plan for ratification by the company’s shareholders at its 2024 Annual Meeting of Shareholders. If shareholder ratification is not obtained by December 1, 2024, the NOL Rights Plan will terminate on such date, if not earlier terminated as provided therein.