Exela Receives Nasdaq Listing Extension
October 13 2020 - 8:30AM
Exela Technologies, Inc. (NASDAQ: XELA) (“Exela” or the “Company”)
today announced that the Nasdaq Hearings Panel (the “Panel”)
granted Exela’s request for an extension to evidence
compliance with the $1.00 bid price requirement for continued
listing on The Nasdaq Capital Market (the “Rule”). In order to
evidence compliance with the Rule, the Company must have a closing
bid price of at least $1.00 per share for a minimum of ten
consecutive business days by February 8, 2021.
As previously disclosed, Exela received notice from the
Listing Qualifications Staff of The Nasdaq Stock Market LLC
indicating that the Company no longer satisfied the Rule and was
therefore subject to delisting. In response, the Company timely
requested a hearing before the Panel, which request stayed any
further action by the Staff. The hearing was held on September 24,
2020, and the Panel issued its decision on October 9, 2020.
“We are pleased that the Panel has provided us this extension,”
said Ronald Cogburn, Chief Executive Officer, Exela. “Exela is on
the road to progress as evidenced by solutions such as PCH Global
and DrySign, the alliance with Mastercard/Vocalink and recent
customer wins and plans to take the steps necessary to regain
compliance with the minimum bid price requirement.”
About Exela TechnologiesExela 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 experience 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 the public sector. 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, the
estimated or anticipated future results and benefits of the
Business Combination, future opportunities for the combined
company, 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 most recently filed Annual Report on
Form-10-K filed with the Securities and Exchange Commission. 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.Find out more
at www.exelatech.comFollow Exela on
LinkedIn: https://www.linkedin.com/company/exela-technologies/Follow
Exela on Twitter: https://twitter.com/exelatech
Media Contact: Kevin
McLaughlinE: kevin.mclaughlin@icrinc.comT:
646-277-1234Investor Contact: William
MainaE: IR@exelatech.comT:
646-277-1236
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Apr 2023 to Apr 2024