UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events
As previously disclosed, as the result of John Rexford’s resignation from the Board of Directors of Exela Technologies, Inc. (the “Company”) on August 10, 2022, the Company was not in compliance with Nasdaq Listing Rule 5605(b)(1) (the “Listing Rule”), which requires a listed company’s Board to be composed of a majority of independent directors. In accordance with the Listing Rule, the Company was entitled to a cure period to regain compliance with the majority independence requirement by the earlier of the Company’s next annual stockholders’ meeting or August 10, 2023. Effective May 16, 2023 the Company’s Board of Directors determined existing director, James Reynolds, to be an “Independent Director” as defined in Nasdaq Listing Rule 5605(a). Accordingly, as of May 16, 2023, the Company regained compliance with the Nasdaq Listing Rule 5065(b)(1) by having four (4) independent directors out of seven (7) total directors.
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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: May 18, 2023
| EXELA TECHNOLOGIES, INC. | ||
| By: | /s/ Erik L. Mengwall | |
| Name: Erik L. Mengwall | ||
| Title: Secretary | ||
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