IRVING, Texas, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (NASDAQ: XELA), a location-agnostic global business process automation (BPA) leader, announced that its Board of Directors has approved a 1-for-3 reverse stock split of the Company’s common stock, which will be effective at 5:00 p.m. Eastern Time on Monday, January 25, 2021. Exela’s Board of Directors approved the split and determined the 1-for-3 ratio to be appropriate to meet Exela’s goals of improving the marketability and liquidity of its common stock, compliance with Nasdaq listing requirements and continued focus by the Company’s management team on the initiatives underway to strengthen its balance sheet and improve shareholder value.

As a result of the reverse split, each three shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock. The Company’s shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market commencing upon market open on January 26, 2021. Immediately after the reverse split becomes effective, there will be approximately 49.2 million shares of common stock issued and outstanding.

About Exela Technologies

Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of expertise operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune^® 100. With foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 21,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.