IMATION CORP. (NYSE:IMN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On December 12, 2016, Imation Corp. (the “Company” or “we”) entered into Amendment No. 1 (the “Amendment”) to the Stock Purchase Agreement (the “Stock Purchase Agreement”), dated as of November 22, 2016, by and between the Company and NXSN Acquisition Corp. (“NXSN”), relating to, among other things, (i) the contribution by the Company to Nexsan Corporation (“Nexsan”) of all of the issued and outstanding common stock of Connected Data, Inc., and (ii) the subsequent sale by the Company of all of the issued and outstanding common stock of Nexsan to NXSN.
The Company and NXSN have agreed to eliminate the mutual conditions precedent requiring the stockholders of the Company to approve the Stock Purchase Agreement and the transactions contemplated by the Stock Purchase Agreement. Accordingly, the Amendment amends the Stock Purchase Agreement by deleting such stockholder approval conditions and all related provisions. As a result, we no longer intend on seeking such approval from our stockholders.
The foregoing summary of the Amendment is qualified in its entirety by reference to the text of the Amendment, which is attached as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
We incorporate by reference herein the Exhibit Index following the page to this Current Report on Form 8-K.
About IMATION CORP. (NYSE:IMN)
Imation Corp. is a data storage and data security company. The Company operates in two business segments: Tiered Storage and Security Solutions (TSS), which consists of its commercial storage media and storage and security solutions (i.e. Nexsan and IronKey) businesses, and Consumer Storage and Accessories (CSA), which consists of its consumer storage media and audio and accessories businesses. Its Nexsan segment consists of storage systems portfolio, which ranges from dense storage products to unified storage solutions for small and medium commercial businesses, enterprise and government customers. Its IronKey segment line include the hardware encrypted universal serial bus (USB) drives, personal computer (PC) on a stick workspaces for Microsoft windows to go, and cloud-based or device management solutions. Its Storage Media and Accessories business segment distributes various products through retail and commercial channels across the world. IMATION CORP. (NYSE:IMN) Recent Trading Information
IMATION CORP. (NYSE:IMN) closed its last trading session up +0.018 at 0.980 with 68,226 shares trading hands.