UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 14, 2023, Exela Technologies, Inc. (the “Company”) received a notice (the “Notice”) from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is in noncompliance with 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. The Notice has no immediate effect on the Company’s listing on the Nasdaq Capital Market. The Company now has 45 calendar days, or until April 29, 2024, to submit a plan to regain compliance. If that plan is accepted by Nasdaq, then the Company may be granted an exception of up to 180 calendar days from the date of its December 31, 2023 fiscal year end, or until June 28, 2024, to regain compliance. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal that decision to a Hearings Panel. As previously announced on January 26, 2024, the Company had adjourned its 2023 annual meeting until June 13, 2024 due to lack of required quorum. In response to the Notice, the Company intends to either reconvene the 2023 annual meeting on June 13, 2024 as previously announced or to combine the 2023 annual meeting with its upcoming 2024 annual meeting with a new record date to be held on or about the same date and to timely submit a plan designed to regain compliance in accordance with the requirements of the Notice and the Nasdaq listing standards. There can be no assurance, however, that Nasdaq will accept the Company’s plan or that the Company will be able to regain compliance with the annual meeting requirement or maintain or regain compliance with other Nasdaq 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: March 15, 2024
| EXELA TECHNOLOGIES, INC. | ||
| By: | /s/ Zach Maul | |
| Zach Maul | ||
| Secretary | ||