Exela Technologies Announces 1 for 3 Reverse Stock Split
January 25 2021 - 8:50AM
Exela Technologies, Inc. (“Exela” or “Company”) (NASDAQ:
XELA), a location-agnostic global business process automation (BPA)
leader, announced that its Board of Directors has approved a
1-for-3 reverse stock split of the Company’s common stock, which
will be effective at 5:00 p.m. Eastern Time on Monday, January 25,
2021. Exela’s Board of Directors approved the split and determined
the 1-for-3 ratio to be appropriate to meet Exela’s goals of
improving the marketability and liquidity of its common stock,
compliance with Nasdaq listing requirements and continued focus by
the Company’s management team on the initiatives underway to
strengthen its balance sheet and improve shareholder value.
As a result of the reverse split, each three shares of the
Company’s issued and outstanding common stock will be automatically
combined and converted into one issued and outstanding share of
common stock. The Company’s shares will begin trading on a
split-adjusted basis on the Nasdaq Capital Market commencing upon
market open on January 26, 2021. Immediately after the reverse
split becomes effective, there will be approximately 49.2 million
shares of common stock issued and outstanding.
About Exela Technologies
Exela Technologies is a business process automation (BPA)
leader, leveraging a global footprint and proprietary technology to
provide digital transformation solutions enhancing quality,
productivity, and end-user experience. With decades of expertise
operating mission-critical processes, Exela serves a
growing roster of more than 4,000 customers throughout 50
countries, including over 60% of the Fortune® 100. With
foundational technologies spanning information management, workflow
automation, and integrated communications, Exela’s software and
services include multi-industry department solution suites
addressing finance and accounting, human capital management, and
legal management, as well as industry-specific solutions for
banking, healthcare, insurance, and public sectors. Through
cloud-enabled platforms, built on a configurable stack of
automation modules, and over 21,000 employees operating in 23
countries, Exela rapidly deploys integrated technology
and operations as an end-to-end digital journey
partner.Forward-Looking Statements Certain
statements included 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", "anticipate",
"believe", "estimate", "predict", "potential", "seem", "seek",
"continue", "future", "will", "expect", "outlook" or other similar
words, phrases or expressions. These forward-looking statements
include statements regarding our industry, future events, estimated
or anticipated 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
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties,
including without limitation those discussed under the heading
"Risk Factors" in Exela's Annual Report and other securities
filings. In addition, forward-looking statements provide Exela's
expectations, plans or forecasts of future events and views as of
the date of this communication. Exela anticipates that subsequent
events and developments will cause Exela's assessments 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.
Investor and/or Media Contacts:Vincent
KondaveetiE: vincent.kondaveeti@exelatech.comT:
929-620-1849
Mary Beth
BenjaminE: IR@exelatech.com T:
646-277-1216
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