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
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| Item 8.01 | Other Events |
On March 14, 2023, Exela Technologies, Inc. (the “Company”) received a decision from the Nasdaq Hearing Panel (the “Panel”) of The Nasdaq Stock Market (“Nasdaq”) stating that the Panel had granted the Company an exception to the Nasdaq Listing Rule 5550(a)(2) (the “Rule”) until May 19, 2023, by which point the Company must demonstrate compliance with the Rule. The Company expects that the exception granted by Nasdaq will maintain the trading of the Company’s securities on Nasdaq until at least May 19, 2023.
The Company plans to hold a special meeting of shareholders on May 4, 2023, to obtain approval for a reverse stock split. If approved, the common stock is expected to start trading on a post-split basis on May 8, 2023, and the Company thereby anticipates regaining compliance with the Rule on May 19, 2023.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the potential financing. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this Current Report on Form 8-K. These forward-looking statements are not intended to serve as and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. You should carefully consider the foregoing factors as well as other factors discussed in the Company's filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements.
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 17, 2023
| EXELA TECHNOLOGIES, INC. | |||
| By: | /s/ Erik Mengwall | ||
| Name: Erik Mengwall | |||
| Title: Secretary | |||