Spear Point Capital Management LLC entered in a stock purchase agreement to acquire Nexsan Technologies, Inc. from Imation Corp. (NYSE:IMN) on November 22, 2016. Under the terms of the transaction, Spear Point Capital Management LLC will deliver to Imation Corp. a promissory note of $25 million, subject to the adjustments and issue five shares of Spear Point Capital Management's common stock, representing fifty of the issued and outstanding shares of Spear Point Capital Management's common stock. The transaction will be financed with the issuance and sale of up to $10 million Series A Preferred Stock to certain investors. If the stock purchase agreement is terminated by Imation Corp. or Nexsan Technologies, due to a failure to obtain the approval of the stock purchase agreement and the transactions contemplated thereby by the company’s stockholders , then the company will owe to Nexsan a termination fee equal to (i) $375,000 multiplied by (ii) a fraction, the numerator of which is the aggregate commitments as of the close of business on the fourteenth day of the go-shop period, and the denominator of which is $10,000,000. If the stock purchase agreement is terminated by Nexsan, then upon the closing of the transactions contemplated by the superior acquisition proposal the company will owe to Nexsan a termination fee equal to (y) $750,000 multiplied by (z) a fraction, the numerator of which is the aggregate commitments as of the close of business on the fourteenth day of the go-shop period, and the denominator of which is $10,000,000. The transaction is approved by the board of directors of Imation Corp. The transaction is subject to approval by Imation Corp.'s shareholders. As of November 29, 2016, it was announced that Nexsan will go private. Bob Fernander, Chief Executive Officer, and Geoff Barrall, Chief Technical Officer will continue to run the Nexsan business and will have seats on the new Board. Joel L. Rubinstein of Winston & Strawn LLP acted as legal advisor to Imation Corp. As of December 12, 2016, Spear Point Capital Management LLC entered into an amended stock purchase agreement to acquire Nexsan Technologies, Inc. from Imation Corp. (NYSE:IMN). Under the amendment, approval of Imitation Corporation shareholders will no longer be required. Spear Point Capital Management LLC completed the acquisition of Nexsan Technologies, Inc. from Imation Corp. (NYSE:IMN) on January 23, 2017.