Exela Technologies 6 00 Cum Convt Perptl Pref Shs Series B - XELAP STOCK NEWS

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 (NASDAQ: XELA) has been recognized as a Strong Performer in The Forrester Wave™: Task-Centric Automation Software, Q4 2024 report. The evaluation, which assessed 15 vendors across Current Offering, Strategy, and Customer Feedback categories, highlighted Exela's excellence in intelligent content and document processing.

The report particularly emphasized Exela's strategic vision focused on innovation and product enhancement, along with positive customer feedback regarding their robust task-centric automation product combined with human augmentation services. According to Sriram Ramanathan, Global Chief Technology Officer, this recognition validates their commitment to providing intelligent, scalable solutions.

Forrester's evaluation concluded that Exela is particularly suitable for organizations seeking strong content and document processing solutions with AI integration capabilities in their task-centric automation projects.

Exela Technologies (NASDAQ: XELA) has scheduled its third quarter 2024 financial results conference call for November 29, 2024, at 4:30 p.m. ET. The call will be hosted by Matt Brown, Interim CFO, and will be accessible via webcast on the company's Investor Relations website. A replay will be available through December 6, 2024. Exela is a business process outsourcing and automation leader serving over 4,000 customers worldwide, including 60% of Fortune 100 companies, with approximately 12,600 employees across 20 countries.

Reaktr, a business unit of Exela Technologies (NASDAQ: XELA), has launched SecAi on Oracle Cloud Infrastructure (OCI) and Oracle Cloud Marketplace. SecAi is an AI-powered cybersecurity validation framework supporting over 120 large language models. The service integrates with 80+ external data sources and features 100,000+ scenarios and MLOps integrations for proactive threat detection. The solution helps enterprises validate components including training data, LLMs, enterprise integrations, and responsible interactions, ensuring alignment with OWASP, CVEs, MITRE Framework, and local government regulations.

Exela Technologies (NASDAQ: XELA, XELAP) has announced its upcoming second quarter 2024 financial results conference call, scheduled for August 28, 2024, at 4:30 p.m. ET. The call will be hosted by Matt Brown, Interim CFO, and will be accessible via webcast on Exela's Investor Relations website. A replay will be available until September 4, 2024.

Exela Technologies is a global business process automation leader serving over 4,000 customers worldwide, including more than 60% of the Fortune 100. The company leverages proprietary technology and a global footprint to provide digital transformation solutions across various industries, including finance, human capital management, legal, banking, healthcare, insurance, and the public sector.

Exela Technologies (NASDAQ: XELA) reported Q2 2024 results with revenue of $245.7 million, down 10.0% year-over-year. The company saw a gross margin improvement of 120 bps to 23.5%. Despite lower revenue, Exela reduced its net loss to $26.9 million, an improvement of $4.0 million year-over-year. Adjusted EBITDA decreased 39.0% to $13.7 million. The company's interest expense significantly decreased by 48.7% to $23.1 million due to debt modification. However, SG&A expenses increased by 30.5% to $41.8 million, partly due to a one-time profit from asset sale in the previous year and current write-downs. Exela's focus on cost management and real estate rationalization contributed to margin expansion.

Exela Technologies (NASDAQ: XELA) has been recognized as one of America's Greatest Workplaces for 2024 by Newsweek and Plant-A Insights Group. The company achieved perfect 5-star ratings in both Diversity and Mental Wellbeing categories, highlighting its commitment to creating an inclusive and supportive work environment.

Carlos Mallen, Senior Vice President of Human Resources for the Americas and Europe, emphasized that this recognition affirms Exela's dedication to fostering a workplace where employees feel valued, respected, and empowered. The company prioritizes diversity, equity, inclusion, and mental well-being to ensure all employees can thrive professionally and maintain a healthy work-life balance.

This achievement underscores Exela's ongoing efforts to create a supportive environment that promotes growth and a sense of belonging among its workforce. For more information about career opportunities at Exela, interested individuals can visit the company's careers page.

Exela Technologies (NASDAQ: XELA) has announced a strategic alliance with AIDEO Technologies, a leading AI platform for autonomous coding in healthcare. This partnership aims to revolutionize medical billing by enhancing efficiency and accuracy. Exela's PCH Global, a healthcare platform, will expand its capabilities and customer base by integrating AIDEO's AI technology.

The collaboration aligns with Exela's initiative to incorporate generative AI across its products and services. Suresh Yannamani, CEO of Exela Technologies BPA, expressed excitement about bringing this innovative AI technology to their customers and PCH Global ecosystem. Tim Jones, Chief Revenue Officer of Aidéo Technologies, highlighted the opportunity to integrate their capabilities with PCH Global as a win for providers seeking to lower costs of processing claims and obtaining payment.

Exela Technologies has announced plans to spin off its wholly-owned subsidiary, Exela Technologies BPA, to enhance shareholder value. The proposed spin-off will allow Exela stockholders to receive a pro-rata share of a new holding company that owns the business process automation (BPA) business while retaining their shares in Exela, which includes over 70% ownership in XBP Europe Holdings and the North American onsite services business.

The distribution is planned for the third or fourth quarter of 2024, pending Board approval and other customary conditions. A detailed registration statement will be provided before the distribution date. Exela is also evaluating if the spin-off qualifies as tax-free under U.S. federal income tax laws.

Further updates will be available through public filings with the SEC. Legal counsel for the spin-off is Loeb & Loeb LLP.