OAKDALE, Minn., Feb. 21, 2017 /PRNewswire/ -- GlassBridge
Enterprises, Inc. (NYSE: GLA) (the "Company") today announced that
its name change from "Imation Corp." to "GlassBridge Enterprises,
Inc." became effective as of 5:00 p.m.
Eastern Time on February 21,
2017 (the "Effective Time").
The Company also effected the previously announced 1:10 reverse
split (the "Reverse Stock Split") of the Company's common stock,
par value $0.01 per share. Effective
as of the Effective Time, every ten (10) shares of the Company's
issued and outstanding common stock or held by the Company in
treasury was converted into one (1) share of common stock, without
any change in the par value per share. In addition, the number of
authorized shares of the Company's common stock was decreased from
100,000,000 to 10,000,000.
The Company's common stock is expected to begin trading on a
Reverse Stock Split-adjusted basis on the New York Stock Exchange
(the "NYSE") at the opening of trading on February 22, 2017. In connection with the Reverse
Stock Split and the Name Change, the Company's common stock will
also begin being traded under a new NYSE symbol, "GLA," and a new
CUSIP number, 377185 103, at such time.
No fractional shares of common stock will be issued in
connection with the Reverse Stock Split. If, as a result of the
Reverse Stock Split, a stockholder would otherwise hold a
fractional share, a stockholder will, in lieu of the issuance of
such fractional share, be entitled, upon surrender to the exchange
agent of certificate(s) representing its pre-split shares or upon
conversion of its shares held in book-entry, to receive a cash
payment equal to the fraction to which the stockholder would
otherwise be entitled, multiplied by $6.66, which is the average closing price per
share (as adjusted to give effect to the Reverse Stock Split) on
the NYSE on the five (5) consecutive trading days immediately
preceding February 17, 2017, without
interest.
Wells Fargo Bank, N.A. ("Wells Fargo"), the Company's transfer
agent, is acting as the exchange agent for the Reverse Stock Split,
and will provide instructions to stockholders of record regarding
the process for exchanging shares. Wells Fargo will be issuing all of the post-Reverse
Stock Split shares through their paperless Direct Registration
System ("DRS"), also known as "book entry form." Eligible
book-entry or other electronic positions representing issued and
outstanding shares of the Company's common stock will be
automatically adjusted. Stockholders who hold certificated shares
will be mailed a letter of transmittal to be completed for the
exchange of all of their shares. Those stockholders holding common
stock in "street name" will receive instructions from their
brokers.
For questions relating to the Reverse Stock Split, stockholders
may contact Wells Fargo Shareowner Services by phone at (800)
468-9716. If shares are held by a bank, broker or other
nominee, stockholders should contact that institution directly.
About GlassBridge Enterprises, Inc.
GlassBridge
Enterprises, Inc. (NYSE: GLA) is a holding company. The Company
actively explores a diverse range of new, strategic asset
management business opportunities for its portfolio. The Company's
wholly-owned subsidiary, GlassBridge Asset Management, LLC
("GlassBridge"), is an investment advisor focused on
technology-driven and quantitative strategies. The Company's
partially-owned subsidiary, Nexsan Corporation, is a global
enterprise data storage business. For more information,
please visit the Company's website at www.glassbridge.com.
Forward Looking Statements
This press release may
include "forward looking statements" within the meaning of the
"safe harbor" provisions of the United Stated Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not
historical facts, and involve risks and uncertainties that could
cause actual results to differ materially from those expected and
projected. Words such as "expects", "believes", "anticipates",
"intends", "estimates", "seeks" and variations and similar words
and expressions are intended to identify such forward-looking
statements. Such forward-looking statements with respect to the
name change and Reverse Stock Split are based on current
expectations that are subject to risks and uncertainties. A number
of factors could cause actual events, performance or results to
differ materially from the events, performance and results
discussed in the forward-looking statements. These factors include,
but are not limited to such risks and uncertainties indicated from
time to time in filings with the SEC by the Company. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made, and the Company
undertakes no obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by law.
Disclaimers
This press release does not constitute an
offer to sell or a solicitation to buy any securities in any
private investment vehicle managed by GlassBridge (collectively,
the "GlassBridge-Managed Funds"), and may not be relied upon in
connection with any offer or sale of securities. Any such offer or
solicitation may only be made pursuant to the current Confidential
Private Offering Memorandum (or similar document) for any such
GlassBridge-Managed Fund, which are provided only to qualified
offerees and which should be carefully reviewed prior to investing.
GlassBridge is a newly formed entity and the GlassBridge funds are
currently in formation state. GlassBridge is not currently
registered with the SEC as an investment adviser under the U.S.
Investment Advisers Act of 1940, as amended, or under similar state
laws, and nothing in this press release constitutes investment
advice with respect to securities.
Trademarks and Tradenames
This press release includes
trademarks and tradenames owned by the Company and its
subsidiaries, including "GlassBridge", "Imation" and "Nexsan".
Solely for convenience, these trademarks or tradenames appear
without the ® or ™ symbols, but such references are not intended to
indicate in any way that the Company will not assert, to the
fullest extent, our rights to use these trademarks and
tradenames.
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SOURCE GlassBridge Enterprises, Inc.