Exela Technologies, Inc. 6.00% Series B Cumulative Convertible Perpetual Preferred Stock - XELAP STOCK NEWS

Exela Technologies, Inc. (NASDAQ: XELA) has announced a 1-for-20 reverse stock split, effective July 25, 2022, at 5:00 p.m. ET. This decision aims to enhance the marketability and liquidity of its shares and ensure compliance with Nasdaq listing requirements. Post-split, approximately 64.8 million shares will be issued and outstanding, trading on a split-adjusted basis starting July 26, 2022. Exela Technologies is recognized as a leader in business process automation and serves over 4,000 customers globally, including more than 60% of the Fortune 100.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) announced receipt of a preliminary, non-binding acquisition proposal for a business unit generating approximately $200 million in revenue. The Company is in discussions with various parties regarding additional offers. This move aligns with Exela's strategy to maximize shareholder value by potentially divesting standalone assets, reducing debt, and lowering annual interest expenses. Exela's Board of Directors will review the proposal with its advisors, but no assurance of a finalized agreement or transaction is guaranteed.

Exela Technologies (NASDAQ: XELA, XELAP) has promoted Suresh Yannamani to Chief Executive Officer of its subsidiary, Exela Technologies BPA, LLC, effective July 12, 2022. This strategic move is part of Exela's ongoing plans to enhance business leadership and drive profitable growth across various markets. Yannamani, who has extensive experience within Exela's predecessor companies, will focus on leveraging data science and technology solutions in healthcare and billing operations, aiming to create value for stakeholders.

Exela Technologies has been recognized by Gartner® as a Niche Player in the Magic Quadrant for Finance and Accounting Business Process Outsourcing, as announced on June 30, 2022. This recognition highlights Exela's F&A BPO services, reflecting its competence in executing innovative financial solutions backed by deep business analytics. The company serves over 3,400 global clients across numerous industries. Exela's offerings utilize big data and automation to transform the financial services sector, aiming for enhanced efficiency and reduced human intervention.

Exela Technologies (NASDAQ: XELA, XELAP) has secured a $2.5 million contract with France's L’Assurance Maladie Caisse Nationale (Cnam), aimed at enhancing digital transformation efforts. The 4-year deal could exceed $4.5 million, involving the deployment of advanced document processing solutions, including Raptor and Intelliscan XDS scanners. Initial rollouts are set for two sites in 2022, expected to manage 40,000 documents daily, improving efficiency in healthcare claims processing. Exela’s digital solutions continue to attract clients amidst high global inflation.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) announced a major customer win of $136 million in total contract value (TCV) over three years, bringing its year-to-date XBP TCV wins to $175 million. This contract highlights the effectiveness of Exela's Exchange for Bills and Payments (XBP), which is a key contributor to its $874.2 million ITPS accounting segment for FY 2021. The XBP solution leverages Exela’s TMS® and Beats® platforms, improving transaction control and insights for customers.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) has closed a three-year $150 million financing facility with PNC Bank, expected to generate $6 million in estimated annual interest savings. This replaces the company's existing securitization facility and is based on current borrowing levels priced at L+400 bps. The move aims to enhance Exela's financial flexibility while supporting its global business process automation services. The company serves over 4,000 clients worldwide, including more than 60% of the Fortune 100.

Exela Technologies, Inc. has appointed Lakshmi Narayanan Chandramohan as President of Bills and Payments. With 27 years of experience, he will enhance Exela's Exchange for Bills and Payments (XBP) services, crucial for financial institutions. XBP is a leading revenue generator within the ITPS segment, focusing on digital transformation solutions. The appointment aims to bolster Exela's operational efficiency and customer experience amid industry challenges, including competitive pressure and regulatory demands.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) announced a dividend of $0.46 per share for its 6.00% Series B Cumulative Perpetual Convertible Preferred Stock. This dividend applies to the quarter ending June 30, 2022 and includes the first 20 days of issuance in March 2022. It is payable in cash on June 30, 2022, to shareholders on record as of June 20, 2022.