EXELA TECHS INC 6% SER B - XELAP STOCK NEWS

Exela Technologies, a leader in business process automation, announced an operational performance improvement plan targeting estimated savings of $65-$75 million for 2023. This initiative focuses on automation-driven efficiencies and includes measures such as headcount optimization and real estate reduction. The company aims to enhance operational efficiencies and stabilize revenues amid rising employee costs and a tight job market. CFO Shrikant Sortur stated that automation efforts are already yielding cost savings, with expectations of improved margins in the coming period.

Exela Technologies has successfully secured $51 million in new funding through a strategic arrangement with B. Riley Commercial Capital. This includes an amendment to their existing $150 million PNC securitization facility, allowing for $35 million in junior secured financing. Additionally, Exela reduced its debt maturing in 2023 by $42 million, including a $29 million prepayment on a term loan, narrowing down the outstanding debt to approximately $15 million. The funding aims to enhance liquidity for corporate needs and debt obligations.

Exela Technologies reported $264 million in revenue for Q3 2022, a 5.4% decline from Q3 2021, with a net loss of $85 million. The company, however, recorded $87 million in Total Contract Value, marking a record year-to-date in new business wins. Exela's European business plans to go public via merger, valuing at $220 million. Despite challenges, growth in Digital Asset platforms is significant, with DMR customers up 227% and DrySign® users up 1,244%. A conference call is scheduled for November 14, 2022.

Exela Technologies (NASDAQ:XELA) will host a conference call on November 14, 2022, at 6:00 p.m. ET to discuss its third-quarter 2022 results. The call will feature Par Chadha, Executive Chairman, and Shrikant Sortur, Chief Financial Officer. Interested parties can listen live via the company's Investor Relations website. The press release detailing results will be issued before the call. A replay will be available until November 21, 2022. Exela, a leader in business process automation, serves over 4,000 customers globally, including over 60% of the Fortune 100.

Exela Technologies is set to launch a fireside chat on November 30th at 2:00 PM ET. This interactive session will allow investors to submit questions until November 23rd via their dedicated platform. Executive Chairman Par Chadha will address inquiries regarding the company's strategy and future plans. Exela, a leader in business processing automation, serves over 4,000 customers globally and is positioned for significant growth.

Exela Technologies is facing critical scrutiny from significant shareholder X, LLC, who has raised serious concerns regarding the company’s corporate governance and management practices. With over 99% of stock value lost and potential delisting from NASDAQ, shareholders demand immediate action to hold the board accountable. Key issues include financial restatements, substantial stock dilution, a cybersecurity breach, and recent management exits. X, LLC is advocating for urgent board reforms and shareholder representation to preserve value.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) announced an expansion of its contract with a major consulting firm to install Intelligent Lockers in their new Mexico location. This follows successful deployments in the US, highlighting the firm’s desire for solutions that accommodate a hybrid workforce. The Intelligent Locker system provides secure storage and delivery options, contributing to the company's Information and Transaction Processing Solutions segment, which reported $874 million in revenue for FY 2021.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) has been recognized as a ‘Leader’ in Everest Group's inaugural Medical Coding Operations PEAK Matrix® Assessment 2023. This recognition indicates Exela's strong positioning among 22 assessed service providers, highlighting its extensive client base, advanced AI/ML coding tools, and diversified delivery capabilities. As demand for medical coders rises due to talent shortages in healthcare, Exela's innovative solutions have positioned it favorably in the market, reinforcing its commitment to delivering high-quality healthcare services.