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Exela Technologies is holding a special meeting for stockholders on May 4, 2023, to facilitate a reverse stock split aimed at maintaining its listing on The Nasdaq Capital Market.
The company encourages stockholders to vote in favor of the amendment to its Certificate of Incorporation, as the current stock price may deter institutional investors and brokerage firms from engaging with Exela. Shares can be voted online or by phone, with instructions provided on the proxy card.
Exela emphasizes the importance of stockholder participation in the voting process, noting that even small shareholders can impact the outcome. The company has engaged proxy solicitor Morrow Sodali LLC to assist stockholders with questions about voting.
Exela Technologies (NASDAQ: XELA, XELAP) announced its second fireside chat for investors scheduled on April 26, 2023, at 2:00 PM ET. This event, hosted by Executive Chairman Par Chadha, will allow investors to submit questions until April 21, 2023, focusing on the Company's strategy and future plans. Exela emphasizes its ongoing investment in technology and services to enhance customer experience and accommodate growth. The company aims to facilitate open communication and share both achievements and challenges in the chat.
Registration for the fireside chat is available at https://fireside.exelatech.com/register. Exela is recognized for its expertise in business process automation, serving over 4,000 customers globally, including a significant number in the Fortune 100.
Exela Technologies, Inc. reported a 2022 revenue of $1,077.2 million, down 7.7% year-over-year, and a net loss of $415.6 million, largely attributed to goodwill impairment charges totaling $171.2 million. The fourth quarter results showed a revenue decrease of 9.3% to $267.0 million, with a net loss of $194.1 million. Despite a challenging environment marked by inflation and staffing shortages, the company has implemented cost-saving measures projected to save $65-$75 million beginning in Q4 2022. Total debt has decreased by $141.1 million, reflecting efforts to improve financial stability.
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