Exela Technologies, Inc. Announces Share Buyback Program of up to 10 Million Shares of Common Stock
Exela Technologies has announced a share buyback program for up to 10 million shares of its common stock, authorized by the Board of Directors on August 10, 2022. This program aims to enhance shareholder value and will allow purchases through various methods including open market transactions and block trades. The buyback is not obligatory and may be altered or terminated by the Board at any time, with a duration of 24 months. The decision to repurchase shares will depend on market conditions and other investment considerations.
- Share buyback program may enhance shareholder value.
- Potentially signals confidence in company's financial health.
- No minimum purchase obligation could lead to underutilization of the program.
- Market conditions may limit the effectiveness of the buyback.
IRVING, Texas, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA, XELAP), a business process automation (“BPA”) leader, announced today a share buyback program of up to 10 Million shares of Common Stock.
On August 10, 2022, the Company’s Board of Directors authorized a share buyback program (the “Share Buyback Program”), pursuant to which the Company may, from time to time, purchase up to 10 million shares of its common stock. Share repurchases may be executed through various means, including, without limitation, open market transactions, privately negotiated transactions, block trades or pursuant to a trading plan. The decision as to whether to purchase any shares and the timing of purchases, if any, will be based on the price of the Company’s common stock, general business and market conditions, applicable legal requirements and other investment considerations and factors. The Share Buyback Program does not obligate the Company to purchase any shares and expires in 24 months. The Share Buyback Program may be terminated or amended by the Company’s Board of Directors in its discretion at any time.
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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
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 Kondaveeti
E: vincent.kondaveeti@exelatech.com
Mary Beth Benjamin
FAQ
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