Exela Technologies Faces Delisting from Nasdaq Trading Platform

On November 6, 2024, Exela Technologies, Inc. (NASDAQ: XELA) received notification from the Nasdaq Stock Market LLC informing the company that its common stock is set to be delisted. The trading of Exela Technologies’ securities is scheduled to be suspended at the opening of the market on November 8, 2024.

This decision follows a series of events dating back to November 13, 2023, when Exela Technologies was notified by the Nasdaq Listing Qualifications Staff of its violation of Nasdaq Listing Rule 5550(b)(2). The violation was due to the company’s Market Value of Listed Securities (MVLS) falling below the minimum requirement of $35 million for 30 consecutive business days without meeting alternative compliance measures outlined in the rule.

In a bid to address the compliance issue, the Company presented its plans to regain compliance with the Nasdaq Listing Rule 5550(b) to the Nasdaq Hearings Panel earlier this year on July 2, 2024. Despite being granted an extension until November 1, 2024, to achieve compliance, Exela Technologies failed to meet the stipulated requirements by the deadline.

As part of the delisting process, Nasdaq will formally delist Exela Technologies by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (SEC) once any applicable appeal periods have expired. In the interim, following delisting, the company’s common stock is expected to transition to trading on the OTC Markets system, effective from the market open on November 8, 2024.

The Company has until November 22, 2024, fifteen days from the receipt of the Panel’s decision, to request a review by the Nasdaq Listing and Hearing Review Council. Additionally, the Council reserves the option to independently review the Panel’s decision within 45 calendar days from the date of notification to Exela Technologies.

By: [Signature] Zach Maul
Title: Secretary

This development holds significant implications for Exela Technologies and its shareholders, marking a critical juncture for the company’s future trading activities and market positioning.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Exela Technologies’s 8K filing here.

About Exela Technologies

Exela Technologies, Inc (Exela), formerly Quinpario Acquisition Corp. 2, is engaged in providing information and transaction processing solutions. The Company’s segments include Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS) and Legal & Loss Prevention Services (LLPS).