XELAW - XELAW STOCK NEWS

Exela Technologies announced the listing of its 6.00% Series B Cumulative Convertible Perpetual Preferred Stock under the symbol XELAP, effective March 23, 2022. Nasdaq approved the application following an exchange offer where shareholders could convert 20 shares of common stock into one share of Series B Preferred Stock, with a liquidation preference of $25.00 per share. A total of 18,006,560 common shares were accepted in exchange for 900,328 Preferred shares. This move highlights Exela's strategic measures to optimize its capital structure.

Exela Technologies, Inc. (NASDAQ: XELA) has appointed Kevin Lathrop as President of Exela Healthcare Solutions, aimed at enhancing growth in its healthcare sector, which accounted for 23% of revenue in 2021. Lathrop will spearhead the healthcare business strategy and collaborate with leadership to optimize value for customers. This strategic move seeks to bolster Exela's claims processing automation and revenue cycle management services. Suresh Yannamani, President of Exela, highlighted ongoing investments to facilitate growth.

Exela Technologies (NASDAQ: XELA) has announced the launch of ExelaPay following its acquisition of Corduro, Inc., a comprehensive payment processing platform. This strategic move allows Exela to offer integrated payment services, enhancing its existing XBP network capabilities. With Corduro's technology, ExelaPay aims to provide cost-effective transaction processing across various sectors, capturing a larger share of payment processing fees. Robert Ziegler, Corduro's founder, will lead this new unit, which is expected to significantly impact Exela's revenue model.

Exela Technologies reported a 2021 revenue of $1,167 million, meeting guidance but down 9.7% from 2020. The net loss for the year was $142.4 million, an improvement from the previous year. The company anticipates a $50 million cash flow enhancement in 2022 and reduced long-term debt by $454 million. Fourth-quarter revenue totaled $294.3 million, down 6.3% year-over-year. However, DrySign user growth surged by 135%. A conference call is scheduled for March 11, 2022, to discuss these results.

Exela Technologies, Inc. (NASDAQ: XELA) announced the successful completion of its exchange offer, allowing shareholders to convert 20 shares of Common Stock into one share of 6.00% Series B Cumulative Convertible Perpetual Preferred Stock. With the offer expiring on March 10, 2022, a total of 17,676,880 shares of Common Stock were validly tendered. Exela will issue 883,844 shares of Series B Preferred Stock, which may be listed on Nasdaq under the symbol XelaP within 30 days. The preferred shares have a liquidation preference of $25.00 each.

Exela Technologies, Inc. (NASDAQ:XELA) will host a conference call on March 11, 2022 at 2:00 p.m. ET to discuss its fourth quarter and full year 2021 results.

CEO Ron Cogburn and CFO Shrikant Sortur will lead the call, following which a Q&A session will take place. The call is accessible via Exela’s Investor Relations website and will be archived for later viewing.

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Exela Technologies (XELA) announced that directors and executives plan to tender over 5 million shares in the upcoming exchange offer, including 1,528,160 shares by Executive Chairman Par Chadha. The exchange offer expires at 11:59 PM on March 10, 2022. Shareholders wishing to participate should instruct their brokers promptly. The offer is detailed in the Amended Offer to Exchange filed with the SEC. Exela, a leader in business process automation, serves over 4,000 customers globally, providing digital transformation solutions.

Exela Technologies, Inc. (NASDAQ: XELA) announced a significant financial restructuring, exchanging its revolving loans for $50 million in cash and $50 million in senior secured notes due 2026. This transaction will cancel all outstanding revolving loans and terminate associated repayment obligations, with closing expected by March 28, 2022. Following this agreement, Exela will have no further debt maturities in 2022. The move aims to enhance liquidity and strengthen the company’s financial position amidst ongoing operational challenges.

Exela Technologies has amended its exchange offer, allowing shareholders to convert 20 shares of common stock into tradable convertible preferred stock valued at $25, offering a 6% annual dividend. This exchange is at a premium of 127% to the $0.55 closing price on January 25, 2022, and will reduce the share count by approximately 30%. Shareholders must tender their shares before 11:59 p.m. EST on March 10, 2022. Exela plans to list the preferred stock on Nasdaq under the symbol 'XELAP', with trading expected within 30 days post-approval.