Exela Technologies, Inc. Announces Intention to Delist its Securities from Nasdaq and to Deregister its Securities under the Securities Exchange Act

Delisting and Deregistration Process - The company's Board of Directors approved the voluntary delisting of its securities from Nasdaq and deregistration under the U.S. Securities Exchange Act of 1934 [1] - The decision was influenced by the Nasdaq Suspension and expected reduction in operating expenses associated with continued listing and reporting [1] - Nasdaq notified the company on November 6, 2024, that its securities would be delisted due to violation of Nasdaq Listing Rule 5550(b)(2), as the market value of listed securities was below the minimum requirement of $35 million for 30 consecutive business days [2] - Trading of the company's securities on Nasdaq was suspended on November 8, 2024 [2] - The company intends to file a Form 25 with the SEC to voluntarily delist its securities from Nasdaq, with the delisting expected to become effective ten days after the filing [2] - Following the delisting, the company plans to file a Form 15 with the SEC to deregister its securities under the Exchange Act, which will suspend its obligation to file periodic and current reports with the SEC [3] Post-Suspension Trading and Company Rights - After the Nasdaq Suspension, the company's common stock and Series B preferred stock began trading on the OTC Markets system under the symbols "XELA" and "XELAP," respectively, effective November 8, 2024 [4] - The company reserves the right to delay or withdraw the aforementioned filings prior to their effectiveness and will issue further announcements if required under listing rules or applicable laws and regulations [4] Company Overview - Exela Technologies is a global leader in business process automation (BPA), providing digital transformation solutions to enhance quality, productivity, and end-user experience [5] - The company serves over 4,000 customers across 50 countries, including more than 60% of the Fortune® 100 [5] - Exela's software and services include multi-industry solution suites for finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector [5] - The company operates with approximately 15,000 employees in 21 countries, utilizing cloud-enabled platforms and a configurable stack of automation modules [5] Investor Relations and Media - Investors and media can access Exela's financial news by subscribing to Email Alerts on the Exela Investor Relations website [6] - The company's website and social media accounts may contain material information for investors, who are advised to monitor these channels in addition to press releases, SEC filings, and public conference calls [8]