UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 3.01 | Failure to Satisfy a Continued Listing Rule or Standard or Notice of Delisting; Transfer of Listing. |
On March 24, 2021, Exela Technologies, Inc. (the “Company”) received a Letter of Reprimand (the “Letter”) from the Nasdaq Listing Qualifications staff (the “Nasdaq Staff”), relating to the Company’s inadvertent failure to comply with Nasdaq Rule 5605(e), which requires that the nominating committee of the Company’s Board of Directors be comprised solely of independent directors, as defined by Nasdaq Rule 5605(a)(2). As has been disclosed, Par S. Chadha, the Company’s Chairman of the Board, remained on the Company’s Nominating and Corporate Governance Committee (the “Nominating Committee”) of the Company’s Board of Directors while serving as Executive Chairman. On March 17, 2021, Mr. Chadha resumed his role as Chairman of the Board. Moreover, the Company has determined to keep Mr. Chadha on its Nominating Committee through March 27, 2022 under Listing Rule 5605(e)(3), which permits the appointment of one non-independent member to the nominations committee under exceptional and limited circumstances. The Letter indicates that because the Company’s failure to comply did not appear to have been the result of deliberate intent to avoid compliance, the Company has not demonstrated a pattern of non-compliance and the Company promptly acted to cure the deficiency, the Nasdaq Staff believes it appropriate to close the matter by issuance of the Letter. Accordingly, upon filing of this Current Report on Form 8-K, the matter is deemed to be closed.
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 26, 2021
| EXELA TECHNOLOGIES, INC. | ||
| By: | /s/ Erik L. Mengwall | |
| Name: Erik Mengwall | ||
| Title: Secretary | ||