UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (I.R.S. Employer |
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| (Address of principal executive offices) | (Zip Code) |
Company’s telephone number, including area
code: (
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
| ¨ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
| Item 3.01 | Notice of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On October 12, 2022, Exela Technologies, Inc. (“Exela”) received a letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) notifying Exela that, for the last 30 consecutive business days, the closing bid price for Exela’s common stock was below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). The Nasdaq letter has no immediate effect on the listing of Exela‘s common stock on the Nasdaq Capital Market.
In accordance with Nasdaq listing rules, Exela has been provided an initial period of 180 calendar days, or until April 10, 2023 (the “Compliance Date”), to regain compliance with the Minimum Bid Price Requirement. If, at any time during this 180-day period, the closing bid price of Exela’s common stock is at least $1.00 for a minimum of 10 consecutive business days, unless the Staff exercises its discretion to extend such 10-day period, the Staff will provide Exela written confirmation of compliance with the Minimum Bid Price Requirement and the matter will be closed. If Exela does not regain compliance by the Compliance Date, Exela may be eligible for an additional 180 calendar day compliance period. To qualify for such additional compliance period, Exela would have to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement, and Exela would need to provide written notice of its intention to cure the deficiency during the additional compliance period, by effecting a reverse stock split, if necessary. If Exela is not eligible for the additional compliance period or it appears to the Staff that Exela will not be able to cure the deficiency, the Staff will provide written notice to Exela that its common stock will be subject to delisting. At that time, Exela may appeal the Staff’s delisting determination to a Nasdaq Hearing Panel.
Exela will monitor the closing bid price of its common stock and will consider options to regain compliance with the Minimum Bid Price Requirement. There can be no assurance that Exela will regain compliance with the Minimum Bid Price Requirement or maintain compliance with any of the other Nasdaq continued listing requirements.
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: October 14, 2022
| Exela Technologies, Inc. | ||
| By: | /s/ Erik L. Mengwall | |
| Erik L. Mengwall | ||
| Secretary | ||
| 2 |
Cover |
Oct. 12, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Oct. 12, 2022 |
| Entity File Number | 001-36788 |
| Entity Registrant Name | EXELA TECHNOLOGIES, INC. |
| Entity Central Index Key | 0001620179 |
| Entity Tax Identification Number | 47-1347291 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 2701 E. Grauwyler Rd |
| Entity Address, City or Town | Irving |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 75061 |
| City Area Code | 214 |
| Local Phone Number | 740-6500 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, Par Value $0.0001 per share |
| Trading Symbol | XELA |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |