Exela Technologies Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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| Item 8.01 | Other Events. |
As previously disclosed, on November 13, 2023, Exela Technologies Inc. (the “Company”) received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“NASDAQ”) stating that the Company is not in compliance with NASDAQ Listing Rule 5550(b)(2) (the “MVLS Rule”) because the Company’s Market Value of Listed Securities (“MVLS”) was below the minimum requirement of $35 million and that the Company did not satisfy any of the alternative requirements for continued listing under Nasdaq Listing Rule 5550(b), including the $2.5 million minimum stockholders’ equity test (the “Minimum Equity Requirement”).
On July 2, 2024, the Company submitted a plan to NASDAQ to regain compliance with the Minimum Equity Requirement (the “Plan”) centered around the spin-off of Exela Technologies BPA, LLC to shareholders of the Company (the “BPA Spin-off”), as more fully described in that certain Current Report on Form 8-K filed by the Company on July 1, 2024, in order to satisfy continued listing on NASDAQ. On July 17, 2023, NASDAQ granted an extension until November 1, 2024 to evidence compliance with the Minimum Equity Requirement, conditioned upon the Company’s achievement of certain interim milestones to NASDAQ’s satisfaction (the “Milestones”).
If the BPA Spin-Off occurs, and the Milestones are met, the Company believes that the Company’s stockholders’ equity will increase to over $2.5 million on a post-BPA Spinoff adjusted basis.
In addition, as previously reported, on March 14, 2023, the Company received a notice from NASDAQ stating that the Company was in noncompliance with NASDAQ Listing Rules 5620(a) and 5810(c)(2)(G) as a result of its failure to hold an annual shareholder meeting within twelve months of the December 31, 2022 fiscal year end. On June 20, 2024, the Company received a notice from NASDAQ that due to the Company holding the combined 2023 and 2024 Annual Meeting of Stockholders on June 13, 2024 the Company has been deemed in compliance with such NASDAQ listing standards.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description of Exhibit |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 18, 2024
| Exela Technologies, Inc. | ||
| By: | /s/ Zach Maul | |
| Name: Zach Maul | ||
| Title: Secretary | ||
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