secwatch.observer — SEC 8-K summary
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Issuer:     Upland Software, Inc. (UPLD)
CIK:        0001505155
Form:       8-K
Filed at:   2023-05-03T23:59:59+00:00
Accession:  0001505155-23-000040
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Upland Software adopts poison pill to protect ~$147M in NOLs; triggers at 4.9% stake
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- As of March 31, 2023, Upland had approximately $147 million in U.S. federal net operating loss carryforwards (NOLs).
- Plan issues one right per share; rights become exercisable if a person/group acquires 4.9% or more of UPLD common stock without board approval.
- Rights expire May 1, 2024; board may redeem at $0.0001 per right prior to distribution date.
- Existing 4.9%+ holders may continue owning but cannot acquire additional shares without triggering the plan.
- Plan designed to deter an ownership change under Section 382 that would limit use of NOLs to offset future income tax.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1505155/000150515523000040/0001505155-23-000040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1505155/000150515523000040/upld-20230502.htm
  HTML page:      https://secwatch.observer/filing/0001505155-23-000040

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