Exela Technologies Inc - XELA STOCK NEWS

Exela Technologies announced a new 5-year contract valued at approximately $2.5 million with ÖBB, Austria's National Railway Company. This agreement falls under Exela's Bills and Payments (XBP) segment, which is its largest accounting area. The deal will leverage Exela's digital payment platform, capable of processing complex invoices in over 13 languages and utilizing AI to optimize payment solutions compatible with legacy accounting systems. This partnership showcases Exela's extensive service offerings in digital transformation and process automation.

Exela Technologies reported a Q1 2022 revenue of $279.4 million, down 6.9% from Q1 2021. The company faced a net loss of $57 million for the quarter, compared to a net loss of $39.2 million in the prior year. Despite the downturn, Exela achieved a significant milestone with a total contract value (TCV) of $78 million, a 131% increase year-over-year. The SMB segment showed strong growth, with DrySign user numbers rising 200% quarter-over-quarter. The company raised $119 million through equity offerings to reduce debt and support growth initiatives.

Exela Technologies has secured a new $150 million financing commitment from PNC Bank to replace its existing securitization facility. The new facility, expected to close by May 31, 2022, is anticipated to generate annual interest savings of approximately $6 million at a current interest rate of around 4.00%. This move is part of Exela's ongoing effort to improve its financial efficiency. Further details will be provided in an 8K filing after the facility's closing.

Exela Technologies, Inc. (NASDAQ:XELA) will host a conference call on May 10, 2022, at 11:30 a.m. ET to discuss its first quarter 2022 results. The call will feature Par Chadha, Executive Chairman, and Shrikant Sortur, CFO, who will review the financial performance followed by a Q&A session. Investors can access the call via Exela's Investor Relations website. A replay will be available shortly after the call until May 17, 2022. Exela, known for its business process automation solutions, serves over 4,000 customers in 50 countries.

Exela Technologies announces an amended exchange offer allowing shareholders to convert 20 shares of Common Stock into one share of Series B Preferred Stock (Nasdaq: XELAP). The Series B Preferred Stock will have a $25 liquidation preference, a 6% annual dividend, and provide voting rights following a proposed Tandem Stock Dividend. The liquidation preference represents a 257% premium over the Common Stock's closing price on April 15, 2022. Shareholders interested in the exchange must act before May 16, 2022.

Exela Technologies has secured a multi-year licensing agreement with Finanz Informatik, the IT service provider for the Savings Banks Finance Group, which manages approximately $3.5 trillion in assets. The partnership aims to standardize and enhance digital banking solutions through Exela's Digital Mailroom and AI-driven process control via Plexus CaseVision. This project is valued at several million USD over the coming years, showcasing Exela's technological capabilities in the financial sector.

Exela Technologies (NASDAQ: XELA) has initiated an offer to exchange up to 100 million shares of its common stock for a total of $125 million in Series B1 Preferred Stock. Each block of 20 common shares can be exchanged for one share of Series B1, valued at a $25 liquidation preference, representing a 257% premium over the recent closing price. This exchange will reduce the common share count by approximately 20.6%. Offers must be tendered by May 16, 2022, with Series B holders also eligible for the exchange. The new preferred stock aims for listing on Nasdaq.

Exela Technologies announced a significant contract with a new customer worth $6.8 million over three years. The Exchange for Bills and Payments (XBP) platform, a key revenue driver, continues to attract new clients by leveraging Exela's comprehensive solutions including payment processing and digital mailroom services. The company highlights increasing momentum within the XBP service, indicating a positive outlook for future growth.

Exela Technologies (NASDAQ: XELA) has expanded its partnership with a leading global bank to include mobile payment processing. This extension of a 30-year relationship is part of a multi-year contract within Exela's ITPS segment. The new mobile solution will manage payments in accordance with Pay.UK standards, enhancing the existing services in payments, fraud detection, and mortgage processing. This development positions Exela to offer additional services such as Request to Pay and Real-Time Payments, further solidifying its presence in the digital banking landscape.