SOUTH SAN FRANCISCO, Calif., Nov. 22, 2016 (GLOBE NEWSWIRE) -- Fluidigm Corporation (NASDAQ:FLDM) announced today that its Board of Directors has adopted a plan, known as a Tax Benefit Preservation Plan, designed to preserve the significant potential long-term tax benefit associated with Fluidigm's net operating loss carryforwards. Fluidigm intends to seek stockholder approval of the plan at its 2017 annual meeting of stockholders. As of December 31, 2015, Fluidigm had net operating losses for United States federal income tax purposes totaling approximately $321.4 million. Pursuant to U.S. federal income tax rules, Fluidigm's use of those net operating losses to offset future taxable income could be substantially limited if Fluidigm experiences an "ownership change" as contemplated in Section 382 of the Internal Revenue Code. In general, an "ownership change" occurs under Section 382 if a stockholder or group of stockholders that is deemed to own more than five percent (5.0%) of a company's common stock increases its ownership percentage by more than 50 percentage points over its lowest ownership percentage during a rolling three-year period. Chris Linthwaite, Fluidigm's Chief Executive Officer, noted: "Fluidigm has a significant asset in its net operating losses, and our board took this prudent step to protect it. The plan is designed to maximize value to all our stockholders." In connection with the adoption of the Tax Benefit Preservation Plan, Fluidigm's board of directors declared a non-taxable dividend of one preferred share purchase right for each outstanding share of Fluidigm common stock for stockholders of record as of the close of business on December 1, 2016. After the plan takes effect, any person or group that acquires beneficial ownership of 4.99% or more of Fluidigm's common stock without the approval of its board of directors would be subject to significant dilution in that person's or group's ownership interest in Fluidigm. Stockholders who currently beneficially own 4.99% or more of the outstanding shares of Fluidigm's common stock will not trigger the preferred share purchase rights unless they acquire beneficial ownership of additional shares equal to 0.10% or more of the common shares then outstanding.