Exela Technologies Inc - XELA STOCK NEWS

Exela Technologies, Inc. (NASDAQ: XELA) announced a contract award valued at $13.2 million over the next four years, primarily through its Exchange for Bills and Payments (XBP) solution. This contract highlights Exela's strength in the ITPS accounting segment, leveraging its payment processing, collaborative workflow, and digital mailroom platforms. With over 30 years in the industry and operations in over 23 countries, Exela aims to enhance communication and transaction solutions globally, catering to a diverse clientele including major corporations.

Exela Technologies, Inc. (NASDAQ: XELA) has announced an amendment to its debt facility with B. Riley Commercial Capital, LLC. This amendment allows for automatic maturity extensions on a revolving credit facility and provides up to $50 million in additional liquidity. As of March 31, 2022, the company reported about $62 million in liquidity and a current balance of approximately $92 million on the B. Riley facility. Additionally, Exela has successfully completed its At Market Issuance, raising a total of $250 million since September 30, 2021.

Ronald C. Cogburn, CEO of Exela Technologies, will transition from his role effective April 30, 2022. Par Chadha, Executive Chairman, will lead the management team. Cogburn, who served as CEO since Exela's IPO in July 2017, reflected on the company's growth from a small outsourcing firm to a leader in business process automation serving over 4,000 customers in 50 countries. He expressed confidence in Exela's future, highlighting positive momentum and a clear business purpose as they approach their five-year anniversary.

Exela Technologies (NASDAQ: XELA) announced significant advancements in its balance sheet management via a Revolving Loan Exchange and Prepayment Agreement. The company prepaid $50 million of its revolving loan and exchanged the remaining amount for $50 million in 11.500% Senior Secured Notes due in 2026, eliminating senior debt maturities in 2022. This initiative is part of a broader strategy to reduce debt, having already deployed $601 million towards its financial and strategic objectives.

Exela Technologies, Inc. (XELA) announced a strategic investment in UBERDOC, a leading platform connecting patients with doctors for direct-pay services. This partnership aims to enhance patient access and price transparency in healthcare. UBERDOC, currently the largest network of direct-pay specialists in the U.S., will use the investment to expand nationwide, facilitating over 15,000 weekly appointments. The collaboration combines Exela's digital healthcare solutions with UBERDOC’s capabilities, benefiting both companies and their users by improving access to affordable care.

Exela Technologies announced the listing of its 6.00% Series B Cumulative Convertible Perpetual Preferred Stock under the symbol XELAP, effective March 23, 2022. Nasdaq approved the application following an exchange offer where shareholders could convert 20 shares of common stock into one share of Series B Preferred Stock, with a liquidation preference of $25.00 per share. A total of 18,006,560 common shares were accepted in exchange for 900,328 Preferred shares. This move highlights Exela's strategic measures to optimize its capital structure.

Exela Technologies, Inc. (NASDAQ: XELA) has appointed Kevin Lathrop as President of Exela Healthcare Solutions, aimed at enhancing growth in its healthcare sector, which accounted for 23% of revenue in 2021. Lathrop will spearhead the healthcare business strategy and collaborate with leadership to optimize value for customers. This strategic move seeks to bolster Exela's claims processing automation and revenue cycle management services. Suresh Yannamani, President of Exela, highlighted ongoing investments to facilitate growth.

Exela Technologies (NASDAQ: XELA) has announced the launch of ExelaPay following its acquisition of Corduro, Inc., a comprehensive payment processing platform. This strategic move allows Exela to offer integrated payment services, enhancing its existing XBP network capabilities. With Corduro's technology, ExelaPay aims to provide cost-effective transaction processing across various sectors, capturing a larger share of payment processing fees. Robert Ziegler, Corduro's founder, will lead this new unit, which is expected to significantly impact Exela's revenue model.

Exela Technologies reported a 2021 revenue of $1,167 million, meeting guidance but down 9.7% from 2020. The net loss for the year was $142.4 million, an improvement from the previous year. The company anticipates a $50 million cash flow enhancement in 2022 and reduced long-term debt by $454 million. Fourth-quarter revenue totaled $294.3 million, down 6.3% year-over-year. However, DrySign user growth surged by 135%. A conference call is scheduled for March 11, 2022, to discuss these results.