Exela Technologies, Inc. announces its intention to delist its securities from Nasdaq and deregister its securities under the Securities Exchange Act

IRVING, Texas, Jan. 07, 2025 (GLOBE NEWSWIRE) — Exela Technologies (OTC:), Inc. (Exela or the Company) (OTC: XELA, XELAP), a global leader in business process automation, informs its shareholders and the market in general that today its Board of Directors has approved the initiation of the process to: (i) voluntarily delist its securities from the Nasdaq Stock Market LLC (Nasdaq); and (ii) deregister the Company’s securities under the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), after taking into account a number of considerations, including but not limited to the suspension of Nasdaq (as defined below) and the expected reduction in operating costs associated with continued inventory and reporting.

The Company previously reported that on November 6, 2024, Nasdaq notified the Company that the Nasdaq Hearing Panel had decided to delist the Company’s securities from Nasdaq because the Company had violated Nasdaq Listing Rule 5550(b)(2) since the market value of the Company’s listed securities was is below the minimum requirement of USD 35 million for 30 consecutive trade days and the Company has failed to satisfy any of the alternative requirements specified in the Nasdaq Listing Rule 5550(b). As a result, trading of the Company’s securities on Nasdaq was suspended on November 8, 2024 (Nasdaq Suspension). Nasdaq would complete the delisting by filing a Form 25 Notice of Delisting with the SEC. As permitted by Nasdaq rules, the Company intends to file a Form 25 with the SEC to voluntarily delist its securities from Nasdaq, unless Nasdaq files a Form 25 prior to the filing of such Form by the Company. Nasdaq rules require the Company to provide Nasdaq with at least 10 days’ notice of the Company’s intention to withdraw its listing and the Company plans to notify Nasdaq accordingly. The delisting of the Company’s securities from Nasdaq is expected to become effective ten days after the filing of the Form on the 25th.

After the delisting becomes effective and the criteria for delisting are satisfied, the Company intends to file a Form 15 with the SEC to delist the Company’s securities under the Exchange Act. Upon the filing of the Form 15, the Company’s obligation to file periodic and current reports with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, will be immediately suspended. The Company’s obligation to file with the SEC all other reports required by the Exchange Act ceases 90 days after the filing of the Form 15.

Following the suspension of Nasdaq, the Company’s common stock and Series B preferred stock began trading under the symbols XELA and XELAP, respectively, in the OTC market system effective November 8, 2024.

The Company reserves its right in all respects, for any reason, to delay or withdraw the above applications before they become effective and will issue any further announcement if required by the listing rules or other applicable laws and regulations.

About Excel

Exela Technologies is a leader in business process automation (BPA), leveraging a global footprint and proprietary technology to deliver digital transformation solutions that improve quality, productivity and end-user experience. With decades of mission-critical experience, Exela serves a growing number of more than 4,000 clients in 50 countries, including over 60% of the Fortune® 100. Leveraging core technologies spanning information management, workflow automation and integrated communications, Exela’s software and services include multi-industry solutions for departments dealing with finance and accounting, human capital management and legal management, as well as specific solutions for banking, healthcare, insurance and the public sector. Through cloud-enabled platforms, built on a configurable array of automation modules, and approximately 15,000 employees operating in 21 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

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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 of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as what are may, should, should, plan, intend, predict, believe, estimate, anticipate, potentially, seem, seek, continue, future, will, expect, prospects or other similar words, phrases or expressions. These forward-looking statements include statements about our industry, future events, estimated or expected 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 those discussed under the heading Risk Factors in our annual report and in subsequent filings with the US Securities and Exchange Commission (SEC). In addition, forward-looking statements provide expectations, plans or forecasts of future events and positions as of the date of this communication. Exela anticipates that subsequent events and developments will cause estimates to change. These forward-looking statements should not be relied upon as representing Exela’s estimates as of any date subsequent to the date of this press release.

For more Exela news, commentary and industry perspectives, visit:

Website: https://investors.exelatech.com/

X: @ExelaTech

LinkedIn: /exela-technologies

Facebook (NASDAQ:): @exelatechnologies

Instagram: @exelatechnologies

Information published on the Company’s website and/or via its social media accounts may be considered material for investors. Accordingly, investors, the 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.

Contacts for investors and/or media:

ir@exelatech.com

Source: Exela Technologies, Inc.

Source: Exela Technologies, Inc.