Exela Technologies, Inc. Announces Intention to Delist its Securities from Nasdaq and to Deregister its Securities under the Securities Exchange Act
Exela Technologies (XELA) announced its Board of Directors' decision to voluntarily delist from Nasdaq and deregister its securities under the Securities Exchange Act. This follows Nasdaq's November 6, 2024 notification of delisting due to the company's violation of Listing Rule 5550(b)(2), as XELA's market value fell below the $35 million minimum requirement for 30 consecutive business days.
Trading of Exela's securities was suspended on Nasdaq on November 8, 2024, and the company's common stock and Series B preferred stock began trading on the OTC Markets under symbols 'XELA' and 'XELAP'. The company plans to file Form 25 with the SEC for voluntary delisting, which will become effective ten days after filing. Subsequently, Exela intends to file Form 15 to deregister under the Exchange Act, which will immediately suspend its obligation to file periodic reports with the SEC.
Exela Technologies (XELA) ha annunciato la decisione del suo Consiglio di Amministrazione di disaffiliarsi volontariamente da Nasdaq e di deregistrare i suoi titoli ai sensi del Securities Exchange Act. Questo segue la notifica di disaffiliazione da parte di Nasdaq del 6 novembre 2024, a causa della violazione della Regola di quotazione 5550(b)(2), poiché il valore di mercato di XELA è sceso al di sotto del requisito minimo di 35 milioni di dollari per 30 giorni lavorativi consecutivi.
Il trading dei titoli di Exela è stato sospeso su Nasdaq l'8 novembre 2024, e le azioni ordinarie della società e le azioni privilegiate di Serie B hanno iniziato a essere scambiate sui mercati OTC con i simboli 'XELA' e 'XELAP'. La società prevede di presentare il Modulo 25 alla SEC per la disaffiliazione volontaria, che diventerà effettiva dieci giorni dopo la presentazione. Successivamente, Exela intende presentare il Modulo 15 per la deregistrazione ai sensi dell'Exchange Act, il che sospenderà immediatamente l'obbligo di presentare rapporti periodici alla SEC.
Exela Technologies (XELA) anunció la decisión de su Junta Directiva de deslistarse voluntariamente de Nasdaq y deregistrar sus valores bajo la Ley de Intercambio de Valores. Esto sigue la notificación de deslistado de Nasdaq del 6 de noviembre de 2024, debido a la violación de la Regla de Cotejo 5550(b)(2), ya que el valor de mercado de XELA cayó por debajo del requisito mínimo de 35 millones de dólares durante 30 días hábiles consecutivos.
La negociación de los valores de Exela fue suspendida en Nasdaq el 8 de noviembre de 2024, y las acciones comunes de la empresa y las acciones preferentes de Serie B comenzaron a cotizar en los Mercados OTC bajo los símbolos 'XELA' y 'XELAP'. La empresa planea presentar el Formulario 25 a la SEC para el deslistado voluntario, que será efectivo diez días después de la presentación. Posteriormente, Exela tiene la intención de presentar el Formulario 15 para deregistrarse bajo la Ley de Intercambio, lo que suspenderá inmediatamente su obligación de presentar informes periódicos ante la SEC.
Exela Technologies (XELA)는 자발적으로 Nasdaq에서 상장 폐지하고 증권 거래법에 따라 증권 등록을 취소하겠다는 이사회 결정을 발표했습니다. 이는 XELA의 시장 가치가 연속 30 영업일 동안 3,500만 달러의 최저 요건 아래로 떨어져서 Nasdaq의 2024년 11월 6일 상장 폐지 통지에 따른 것입니다.
Exela의 증권 거래는 2024년 11월 8일 Nasdaq에서 중단되었으며, 회사의 보통주와 B 시리즈 우선주는 'XELA' 및 'XELAP' 기호로 OTC 마켓에서 거래를 시작했습니다. 회사는 자발적 상장 폐지를 위한 SEC에 Form 25를 제출할 계획이며, 이는 제출 후 10일 후에 효력이 발생합니다. 이후 Exela는 Exchange Act에 따라 등록 취소를 위한 Form 15를 제출할 계획이며, 이로 인해 SEC에 주기적으로 보고할 의무가 즉시 중단됩니다.
Exela Technologies (XELA) a annoncé la décision de son Conseil d'Administration de se retirer volontairement du Nasdaq et de deregistrer ses valeurs conformément à la Loi sur les Échanges de Valeurs. Cela fait suite à l'avis de désinscription du Nasdaq du 6 novembre 2024, dû à la violation de la Règle de cotation 5550(b)(2), alors que la valeur marchande de XELA est tombée en dessous du seuil minimum de 35 millions de dollars pendant 30 jours de bourse consécutifs.
Les échanges de titres d'Exela ont été suspendus sur le Nasdaq le 8 novembre 2024, et les actions ordinaires de la société ainsi que les actions privilégiées de série B ont commencé à être échangées sur les marchés OTC sous les symboles 'XELA' et 'XELAP'. La société prévoit de déposer le Formulaire 25 auprès de la SEC pour la désinscription volontaire, qui prendra effet dix jours après le dépôt. Par la suite, Exela a l'intention de déposer le Formulaire 15 pour se deregistrer en vertu de la Loi sur les Échanges, ce qui suspendra immédiatement son obligation de déposer des rapports périodiques auprès de la SEC.
Exela Technologies (XELA) hat die Entscheidung seines Vorstands bekannt gegeben, sich freiwillig von der Nasdaq abzulisten und seine Wertpapiere gemäß dem Securities Exchange Act zu deregistrieren. Dies folgt der Nasdaq-Mitteilung vom 6. November 2024 über die Ablistung aufgrund der Verletzung der Listing-Regel 5550(b)(2), da der Marktwert von XELA während 30 aufeinanderfolgender Geschäftstage unter die Mindestanforderung von 35 Millionen US-Dollar gefallen ist.
Der Handel mit den Wertpapieren von Exela wurde am 8. November 2024 an der Nasdaq ausgesetzt, und die Stammaktien des Unternehmens sowie die Vorzugsaktien der Serie B begannen den Handel an den OTC Märkten unter den Symbolen 'XELA' und 'XELAP'. Das Unternehmen plant, das Formular 25 bei der SEC für die freiwillige Ablistung einzureichen, das zehn Tage nach der Einreichung wirksam wird. Anschließend beabsichtigt Exela, das Formular 15 zur Deregistrierung gemäß dem Exchange Act einzureichen, was ihre Verpflichtung zur Einreichung regelmäßiger Berichte bei der SEC sofort aussetzen wird.
- Expected reduction in operating expenses from ending listing and reporting requirements
- Delisting from Nasdaq due to market value falling below $35 million minimum requirement
- Downgrade to OTC Markets trading platform
- Loss of SEC reporting requirements may reduce transparency for investors
- Indication of significant financial challenges
IRVING, Texas, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (OTC: XELA, XELAP), a global business process automation leader, informs its stockholders and the market in general that today its Board of Directors approved the commencement 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 Nasdaq Suspension (as defined below) and the expected reduction in operating expenses associated with continued listing and reporting.
The Company previously reported that, on November 6, 2024, Nasdaq notified the Company that the Nasdaq Hearings Panel made a determination to delist the Company’s securities from Nasdaq because the Company was in violation of Nasdaq Listing Rule 5550(b)(2) since the market value of the Company’s listed securities was below the minimum requirement of
Once the delisting has become effective and the criteria for deregistration have been satisfied, the Company intends to file a Form 15 with the SEC to deregister the Company’s securities under the Exchange Act. Upon filing 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 duty to file any other reports required by the Exchange Act with the SEC will be terminated 90 days after the filing of Form 15.
Following the Nasdaq Suspension, the Company’s common stock and Series B preferred stock began trading under the symbols “XELA” and “XELAP,” respectively, on the OTC Markets system effective on November 8, 2024.
The Company reserves its rights in all respects, for any reason, to delay or withdraw the aforementioned filings prior to their effectiveness and will issue any further announcement if required under the listing rules or other applicable laws and regulations.
About Exela
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
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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 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, and those discussed under the heading “Risk Factors” in our Annual Report and in subsequent filings with the U.S. Securities and Exchange Commission (“SEC”). In addition, forward-looking statements provide 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 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.
For more Exela news, commentary, and industry perspectives, visit:
Website: https://investors.exelatech.com/
X: @ExelaTech
LinkedIn: /exela-technologies
Facebook: @exelatechnologies
Instagram: @exelatechnologies
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.
Investor and/or Media Contacts:
Source: Exela Technologies, Inc.
FAQ
Why is XELA being delisted from Nasdaq?
When did XELA stock begin trading on OTC Markets?
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