Exela Technologies Announces 1 for 20 Reverse Stock Split
July 25 2022 - 5:00PM
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-20 reverse stock split of the Company’s common stock, which
will be effective at 5:00 p.m. Eastern Time on Monday, July 25,
2022. Exela’s Board of Directors approved the split and determined
the 1-for-20 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 allowing the
Company’s management team to focus on its business.
As a result of the reverse split, each twenty 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 July 26, 2022. Immediately after the reverse split
becomes effective, there will be approximately 64.8 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 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. Utilizing foundational technologies
spanning information management, workflow automation, and
integrated communications, Exela’s software and services include
multi-industry, departmental 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 approximately 17,000
employees operating in 23 countries, Exela rapidly deploys
integrated technology and operations as an end-to-end digital
journey partner.For more Exela news, commentary, and industry
perspectives, visit: https://investors.exelatech.com/
And please follow us on social:
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The information posted on the Company's website and/or via its
social media accounts may be deemed material to investors.
Accordingly, investors, media and others interested in the Company
should monitor the Company's website and its social media accounts
in addition to the Company's press releases, SEC filings and public
conference calls and webcasts.
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.com
Mary Beth BenjaminE: IR@exelatech.com
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