After a tough, 20-year run as a data storage giant, Oakdale-based Imation Corp. plans to remake itself into an asset management firm that will eventually go by the name - Glassbridge Enterprises, according to filings submitted this week with the Securities and Exchange Commission.
Imation's rebranding into Glassbridge Enterprises is expected to take place after Imation completes a deal to issue 12.5 million (or roughly 25 percent) of outstanding shares to the N.Y.-based hedge fund Clinton Group Inc. Shareholders must approve that transaction and a vote is scheduled for Jan. 31. Depending on future performance, the number of shares issued to the Clinton Group could increase by 2.5 million shares for a total stake of 28 percent, officials said in the filing.
If the deal closes as expected, Imation said it will apply for a new ticker symbol with the New York Stock Exchange and rebrand itself as Glassbridge.
Glassbridge, which will maintain its corporate headquarters in Oakdale, Minnesota, will create an investment advisor subsidiary known as Glassbridge Asset Management, Imation's filing said. The "goal is to develop an in-house asset management business focused on financial technology."