Exela Technologies, Inc. (“Exela”) (NASDAQ:XELA) (NASDAQ:XELAW)
(NASDAQ:XELAU), formerly known as Quinpario Acquisition Corp. 2
(NASDAQ:QPAC) (NASDAQ:QPACU) (NASDAQ:QPACW) (“Quinpario”),
announced today that it has closed the previously announced
business combination with SourceHOV Holdings, Inc. (“SourceHOV”)
and Novitex Holdings, Inc. (“Novitex”) to become one of the largest
global providers of transaction processing and enterprise
information management solutions serving over 3,500 clients,
including more than 60 percent of the Fortune® 100. Exela, which is
majority-owned by funds affiliated with HandsOn Global Management,
LLC and funds affiliated with Apollo Global Management, LLC also
announced the completion of the transaction financing through the
issuance of $1.0 billion aggregate principal amount of secured
notes and a $350 million secured term loan facility. The business
combination was approved at a special meeting of shareholders of
Quinpario on July 11, 2017, and in connection with the business
combination, Quinpario was renamed Exela Technologies, Inc. Exela
expects that, effective July 13, 2017, its common stock, warrants
and units will begin trading under the ticker symbols “XELA,”
“XELAW” and “XELAU” on the NASDAQ Capital Market.
“We are excited to announce the public launch of
Exela and look forward to exercising our global reach, deep domain
expertise, and increased IP investments to serve our current and
future clients,” said Ronald Cogburn, chief executive officer of
Exela Technologies, Inc.
Royal Bank of Canada, Credit Suisse, Natixis and
KKR acted as joint lead arrangers and bookrunners in securing the
$1.35 billion financing. Credit Suisse and RBC Capital Markets also
acted as financial advisors to Novitex. Rothschild Inc. and Morgan
Stanley & Co. LLC acted as financial advisors to SourceHOV.
Moelis & Company LLC acted as financial advisor to Quinpario,
while Deutsche Bank Securities Inc. and Cantor Fitzgerald & Co.
acted as capital market advisors. Willkie Farr & Gallagher LLP
acted as legal advisor to SourceHOV, Akin Gump Strauss Hauer &
Feld LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLC acted
as legal advisors to Novitex, and Kirkland & Ellis LLP and
Graubard Miller acted as legal advisors to Quinpario.
About Exela Technologies
Exela Technologies (NASDAQ:XELA)
(NASDAQ:XELAW) (NASDAQ:XELAU), one of the largest global providers
of transaction processing solutions and enterprise information
management, combines proprietary IP and knowledge platforms to
provide integrated, technology-enabled services through an
end-to-end delivery model. Through investments in our own IP and
industry leading document conversion and processing centers, and
our longstanding industry expertise, we can help our clients with
all transaction processing and enterprise information management
needs, creating an automated, more cost-effective solution. Exela
serves over 3,500 clients, including more than 60% of the
Fortune® 100 and 98% of AmLaw 100, across more than 50
countries. We provide services at nearly 1,200 onsite client
facilities and through approximately 150 delivery centers
strategically located throughout the Americas, Europe, and
Asia. For more information, please visit:
www.exelatech.com
About HandsOn Global
Management
Headquartered in Santa Monica, California, HGM
is a family office that holds controlling interests in
technology-enabled service companies, leverages the operating
experience of its partners and complements those investments with
its ownership of big data mining, FinTech, InsurTech and HealthTech
platforms. For more information, please visit www.hgmfund.com.
About Apollo
Apollo is a leading global alternative
investment manager with offices in New York, Los Angeles, Houston,
Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid,
Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai.
Apollo had assets under management of approximately $197 billion as
of March 31, 2017 in private equity, credit and real estate funds
invested across a core group of nine industries where Apollo has
considerable knowledge and resources. For more information about
Apollo, please visit www.agm.com.
About Quinpario
Quinpario is a special purpose acquisition
company that completed its initial public offering in January 2015.
Quinpario was formed for the purpose of acquiring one or more
businesses through a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination. Quinpario is sponsored by Quinpario Partners 2, LLC,
which was formed for the expressed purpose of acting as the sponsor
for Quinpario. Quinpario Partners 2, LLC is an affiliate of
Quinpario Partners LLC, an investment and operating company founded
by Mr. Jeffry N. Quinn, former chairman, president and chief
executive officer of Solutia Inc. For more information, please
visit www.quinpario.com.
Forward-Looking Statements
Certain statements included in this
communication 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, the completed
business combination among Quinpario, SourceHOV and Novitex, the
estimated or anticipated future results and benefits of the
combined company following the transaction, future opportunities
for the combined company, and other statements that are not
historical facts. These statements are based on the current
expectations of Exela’s management and are not predictions of
actual performance. These statements are subject to a number of
risks and uncertainties regarding Exela. Exela’s business and the
transaction, and actual results may differ materially. These risks
and uncertainties include, but are not limited to, changes in the
business environment in which Exela operates, including inflation
and interest rates, and general financial, economic, regulatory and
political conditions affecting the industry in which Exela
operates; changes in the market for Exela’s products and services;
expansion plans and opportunities; changes in taxes, governmental
laws, and regulations; competitive product and pricing activity;
difficulties of managing growth profitably; the loss of one or more
members of Exela’s management team; failure to realize the
anticipated benefits of the transaction, including difficulty in
integrating the businesses of SourceHOV and Novitex; uncertainty as
to the long-term value of Exela’s common stock; the inability to
realize the expected amount and timing of cost savings and
operating synergies; the ability to obtain or maintain the listing
of Exela’s common stock on the NASDAQ Capital Market following the
transaction; those risks and uncertainties discussed in documents
of Quinpario on file with the Securities and Exchange Commission
("SEC") or in the proxy statement filed with the SEC by Quinpario.
There may be additional risks that Exela does not presently know or
that it currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. 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. However, while Exela may elect to update
these forward-looking statements at some point in the future, Exela
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this communication.
For investor inquiries regarding Exela Technologies please contact:
Investor Relations
William Maina, ICR
646-277-1236
ir@exelatech.com
http://investors.exelatech.com
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