Exela Technologies’ Warrants and Units to be Delisted from the Nasdaq Stock Market; Common Stock Listing is Unaffected
September 13 2017 - 4:46PM
Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ:XELA)
(NASDAQ:XELAW) (NASDAQ:XELAU), one of the largest global providers
of transaction processing solutions and enterprise information
management, has announced that it has received a letter from the
Listing Qualifications Department of the Nasdaq Stock Market
on September 7, 2017 pursuant to Listing Rule IM-5101-2,
informing the Company that its warrants did not meet the minimum
400 round lot holder requirements for initial listing, as set forth
in Listing Rule 5515(a)(4), and, by extension, the Company’s units
(comprised of common stock and warrants) did not qualify for
initial listing pursuant to Listing Rule 5225(b)(1)(A).
Accordingly, Nasdaq has determined to initiate procedures to delist
the Company's warrants and units from the Nasdaq Stock
Market. The listing of the Company’s common stock, which is
traded on the Nasdaq Capital Market under the symbol XELA, is not
affected by this action.
The Company does not intend to challenge Nasdaq’s determination
regarding the warrants and units. Accordingly, the Company's
warrants and units will be scheduled for delisting from the Nasdaq
Stock Market and will be suspended at the opening of business
on September 18, 2017, and a Form 25-NSE will be filed
with the Securities and Exchange Commission, which will remove the
Company's warrants and units from listing and registration on the
Nasdaq Stock Market. The warrants and units will remain
listed on the Nasdaq Capital Market under the symbols XELAW and
XELAU, respectively, until the warrants and units are delisted.
The shares of common stock and warrants underlying the units may
be traded separately, and substantially all of the originally
issued units have already been separated. Holders of the
remaining units have the option to continue to hold units or
separate their units into the component pieces by having their
brokers contact the Company’s transfer agent, Continental Stock
Transfer & Trust Company.
Following the delisting, the Company anticipates that the
warrants will be eligible to be quoted on either the OTC Bulletin
Board or "Pink Sheets". No assurance, however, can be made
that trading in the Company's warrants on the OTC Bulletin Board or
"Pink Sheets” will commence or be maintained.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Exela: Exela is one of the largest global
providers of transaction processing solutions and enterprise
information management. We integrate knowledge platforms and
technology-enabled services, with proven processes and industry
expertise to provide an end-to-end delivery model, turning data
into outcomes. Our solutions combine multi-industry and
industry-specific enterprise information management platforms
(deployed on premise or in the cloud) with decades of experience.
We manage data and automate mission-critical business processes to
aid in digital transformation. We have made substantial investments
in our own IP and industry leading secure operating centers so that
we can meet the evolving needs of our clients and the markets they
serve. Exela utilizes a secure, cloud enabled global delivery model
to serve over 3,500 clients, including more than 60% of the
Fortune® 100, across more than 50 countries. We provide solutions
and services with approximately 23,000 employees at nearly 1,200
onsite client facilities and through approximately 150 delivery
centers strategically located throughout the Americas, Europe, and
Asia.
Forward Looking Statements: Certain statements
included in this press release are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “seem”, “seek”,
“continue”, “future”, “will”, “expect”, “outlook” or other similar
words, phrases or expressions. These forward-looking statements
include statements regarding the continued listing or quotation of
Exela’s securities, and other statements that are not historical
facts. These statements are based on Exela management's current
expectations and beliefs, as well as a number of assumptions
concerning future events. These statements are subject to a
number of risks and uncertainties regarding Exela’s businesses, and
actual results may differ materially. Additional factors that
could cause actual results to differ materially from those
expressed or implied in forward-looking statements can be found
under the heading “Risk Factors” in Exela’s Proxy Statement dated
June 26, 2017 (the “Proxy Statement”) filed with the Securities and
Exchange Commission (“SEC”) and its most recent annual report on
Form 10-K and subsequently filed quarterly reports on Form 10-Q and
current reports on Form 8-K, which are available, free of charge,
at the SEC's website at www.sec.gov. There may be additional
risks that Exela presently does not know or that Exela currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements or in
Exela’s filings with the SEC. Exela anticipates that subsequent
events and developments will cause its assessments to change.
However, while Exela may elect to update these forward-looking
statements at some point in the future, Exela specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Exela’s assessments as of
any date subsequent to the date of this press release.
Contact: William Maina, ICRE: ir@exelatech.comW:
investors.exelatech.comT: 646-277-1236
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