EXELA TECHNOLOGIES INC - XELA STOCK NEWS

Exela Technologies, Inc. (NASDAQ: XELA) announced the reconvening of its Annual Shareholder’s meeting on December 31, 2021, at 10:00 AM ET after an adjournment due to lack of quorum. The extension aims to allow new shareholders to participate in voting on significant matters. Shareholders of record as of October 20, 2021, can exercise their voting rights via proxy. The company emphasizes the importance of casting votes and provides various methods for shareholders to participate.

Exela Technologies (Nasdaq: XELA) has extended its partnership with the New York City Department of Finance and the New York State Industries for the Disabled (NYSID) to provide tax return services. This ongoing collaboration, lasting over a decade, highlights Exela's commitment to innovative solutions for government agencies. With over 800 vehicles, the company supports various public sector agencies, serving around 200 million insured individuals in the U.S. Exela aims to enhance public service through technology and its extensive experience in business process automation.

Exela Technologies, Inc. (NASDAQ: XELA) has successfully reduced its long-term debt by approximately $454 million following a senior notes exchange offer. This initiative achieved a 97.6% tender rate, allowing the company to cancel significant credit obligations and remove certain covenants. The result is an estimated $42 million reduction in cash interest expense and loan amortization, surpassing the original target of $37.5 million. Exela aims to exceed a $50 million improvement in annual free cash flow, reinforcing its strategy to unlock shareholder value.

Exela Technologies, Inc. (NASDAQ: XELA) will hold its Annual Meeting of Stockholders online on December 16, 2021, at 10:00 a.m. (ET). Stockholders are urged to vote their shares by proxy before the meeting. A proxy card was sent to all registered stockholders as of October 20, 2021. Voting can be done via the provided online link or through emails received from Proxyvote.com. Brokers cannot vote shares without specific instructions from stockholders. Important information regarding the meeting is included in the proxy statement filed with the SEC.

Exela Technologies (NASDAQ: XELA) hosted a webinar on December 8, 2021, where Josh Siegler from Cantor Fitzgerald and Exela's Global Head of Strategy, Matt Brown, discussed the company’s core business and revenue generation exceeding $1 billion annually. The session, titled “Behind the Curtain: Deep Dive into Exela’s Business,” focused on key aspects such as business process automation, growth outlook, and Exela's strategies for securing new business. The fireside chat is available for 30 days via Zoom.

Exela Technologies announced a $35 million investment in common stock led by B. Riley Securities. In addition, the management and board will invest over $1 million in the company's stock. This investment is expected to reduce reliance on at-the-market offerings and support growth initiatives, including a $40 million increase in capacity at a special purpose vehicle. Executive Chairman Chadha expressed optimism about unlocking shareholder value, while B. Riley's Chairman emphasized confidence in Exela’s technology platform.

Exela Technologies announced the closing of its exchange offer for senior secured notes on December 9, 2021. The offer, which launched on October 27, aimed to exchange up to $225 million in cash and new 11.500% notes due 2026 for its outstanding 10.000% notes due 2023. Approximately 97.6% of the old notes were validly tendered, resulting in $662.66 million in new notes issued and $225 million in cash distributed. The exchange offer conditions were satisfied, allowing all validly tendered notes to be accepted.

Exela Technologies has launched its proprietary platform, Exela Remote Notarization (Exela RN), which connects signatories with credentialed notaries for online notarization. This web portal offers notaries tools for scheduling, payments, and session tracking within a secure environment. Exela RN integrates with other Exela solutions like DrySign and the Digital Mailroom, enhancing customer onboarding for digital services. Over half of U.S. states support online notarization, making this a timely solution for individuals and businesses seeking convenient notarization options.