IRVING, Texas, Jan. 07, 2025 (GLOBE NEWSWIRE) — Exela Technologies (OTC:), Inc. (Exela or the Company) (OTC: Nasdaq Stock Market LLC (Nasdaq); and (2) deregistration of the company's securities Pursuant to the U.S. Securities Exchange Act of 1934, as amended (Exchange Act), after taking into account a number of considerations, including, but not limited to, the suspension of the Nasdaq Stock Exchange (as defined below) and the expected reduction in operating expenses associated with the Exchange Nasdaq. Continuity of listing and reporting.
The Company previously stated that on November 6, 2024, Nasdaq notified the Company that the Nasdaq Hearings Committee had made the decision to delist the Company's securities from Nasdaq because the Company was in violation of Nasdaq Listing Rule 5550(b)(2) since the market value of the Company's listed securities was less than the minimum required amount of $35 million for 30 consecutive business days and the Company fails to meet any of the specified alternative requirements set forth in the Listing Rule in Nasdaq Stock Exchange No. 5550(B). As a result, trading of the Company's securities on the Nasdaq Stock Exchange was suspended on November 8, 2024 (Nasdaq Suspension). Nasdaq will complete the delisting by filing a Form 25 Delisting Notice with the Securities and Exchange Commission. As permitted under Nasdaq's rules, the Company intends to file a Form 25 with the SEC to voluntarily delist its securities from Nasdaq, unless Nasdaq files a Form 25 before the Company files such form. Nasdaq rules require the company to provide notice to Nasdaq at least 10 days before the company intends to withdraw its listing and the company plans to notify Nasdaq accordingly. The delisting of the Company's securities from the Nasdaq Stock Exchange is expected to become effective ten days after the filing of Form 25.
Once the delisting becomes effective and the deregistration criteria are met, the Company intends to file a Form 15 with the Securities and Exchange Commission to deregister the Company's securities under the Exchange Act. Upon filing of Form 15, the Company's obligation to file periodic and current reports with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, will be immediately suspended. The Company's duty to file any other reports required by the Exchange Act with the Securities and Exchange Commission will terminate 90 days after filing Form 15.
Following the NASDAQ suspension, the Company's common stock and Series B preferred stock began trading under the symbols XELA and XELAP, respectively, on the OTC Markets system effective November 8, 2024.
The Company reserves the rights in all respects, for any reason, to delay or withdraw the above-mentioned filings prior to their effectiveness and will make any further announcement if necessary under the Listing Rules or other applicable laws and regulations.
About Excela
Exela Technologies is a leading business process automation (BPA) company, leveraging its global footprint and proprietary technology to provide digital transformation solutions that enhance quality, productivity and end-user experience. With decades of experience running mission-critical operations, Exela serves a growing list of more than 4,000 customers in 50 countries, including more than 60% of the Fortune ® 100. Using core technologies that include information management, workflow automation, and integrated communications Exela's services include multi-industry management solution suites covering finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and banking services. Public sector. With cloud platforms, built on a configurable set of automation modules, and nearly 15,000 employees working in 21 countries, Exela rapidly deploys technology and integrated operations as an end-to-end digital journey partner.
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Forward-looking statements
Certain statements in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as may, should, would, plan, intend, expect, believe. , estimate, predict, likely, look, seek, continue, future, will, expect, forecast or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or expected future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela's management and are not projections of actual performance. These statements are subject to a number of risks and uncertainties, those discussed under the heading Risk Factors in our annual report and in subsequent filings with the SEC. In addition, forward-looking statements provide expectations, plans or forecasts of future events and perspectives as of the date of this communication. Exela expects that subsequent events and developments will cause ratings to change. These forward-looking statements should not be relied upon as representing Exela's assessments as of any date subsequent to the date of this press release.
For more Exela news, commentary and industry perspectives, visit:
Website: https://investors.exelatech.com/
tenth: @ExelaTech
LinkedIn: /exela-technologies
Facebook (NASDAQ:): @exelatechnologies
Instagram: @exelatechnologies
Information published on the company's website and/or via its social media accounts may be considered material information to investors. Accordingly, investors, the media and others interested in the Company should monitor the Company's website and social media accounts as well as the Company's press releases, SEC filings, public conference calls and webcasts.
Investor and/or media contacts:
ir@exelatech.com
Source: Exela Technologies, Inc.
Source: Exela Technologies, Inc.
