Business process automation company Exela Technologies, Inc. (NASDAQ: XELA) recently revealed that the company’s Board of Directors has approved a 1-for-20 reverse stock split of its stock. Shares of the company did not react kindly to the news as it plummeted by more than 30% to close at $0.10 in yesterday’s extended trade. Why the Reverse Stock Split? Exela’s stock has been down almost 100% in the past year. To arrest this decline and improve the marketability and liquidity of the stock, the company has decided to opt for this reverse stock split.
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Exela Technologies (NASDAQ:XELA)
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