Exela Technologies, Inc., a prominent global business process automation leader, recently announced a pivotal decision that has reverberated throughout the market. The company’s Board of Directors has given the green light to commence the process of voluntarily delisting its securities from the Nasdaq Stock Market LLC and deregistering its securities under the U.S. Securities Exchange Act of 1934.
The catalyst behind this strategic move stems from various considerations, notably including the Nasdaq Suspension triggered by falling short of the minimum market value requirement. The company’s failure to meet alternative requirements set forth in Nasdaq Listing Rule 5550(b) also played a significant role in this decision.
The journey began on November 6, 2024, when Nasdaq notified Exela Technologies that its securities would be delisted due to violations of listing rules. Subsequently, trading was suspended on November 8, 2024. As part of their proactive approach, Exela Technologies aims to file a Form 25 with the SEC for voluntary delisting unless Nasdaq initiates prior action.
Once delisting becomes effective, and deregistration criteria are met, Exela Technologies intends to file a Form 15 with the SEC to deregister its securities under the Exchange Act. This step will lead to an immediate suspension of filing periodic reports with the SEC.
Post-Nasdaq Suspension, Exela Technologies’ common stock and Series B preferred stock transitioned to trading on OTC Markets under new symbols. The company retains all rights pertaining to these actions and pledges transparency in adhering to regulatory requirements.
Exela Technologies is renowned for its expertise in business process automation (BPA), offering digital transformation solutions that elevate quality and productivity across various sectors worldwide. With an extensive global presence and cutting-edge technology at its core, Exela serves over 4,000 customers across more than 50 countries.
Through cloud-enabled platforms supported by approximately 15,000 employees worldwide operating in diverse industries such as finance, healthcare, insurance, and more – Exela continues to deliver integrated technology solutions that redefine operational excellence.
As part of their commitment to stakeholders’ well-informed decisions about financial matters related to Exela Technologies’ trajectory post-deregistration – investors are encouraged to explore further insights through various communication channels provided by the company.
In conclusion – while facing uncertainties inherent in any transitional phase post-delisting and deregistration – Exela Technologies remains steadfast in their mission towards sustained innovation and operational efficiency within an ever-evolving landscape.
Leave feedback about this