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Thursday, May 19, 2022

CEO Transition: Exela Technologies, Inc. (XELA) Stock Swelling After Hours.

Exela Technologies, Inc. (XELA) is a leading business process Automator. It leverages proprietary technology to provide online transformation solutions to enhance productivity and quality. The company’s platform includes solutions to meet accounting, capital, and legal management needs.


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XELA stock price during the regular trading of March 31, 2022, was $0.41 with a reduction of 2.57%. Its price rose as of the writing in the aftermarket session by 7.16%.

XELA: Events and Happenings

On March 31, 2022, XELA reported the transition of Ronald C. Cogburn from the position of CEO of the company with effect from April 30, 2022. The company’s Executive Chairman along with the senior management will lead and manage the business.

On March 29, 2022, XELA announced the closure of the Revolving Loan Exchange and Prepayment Contract by its subsidiaries with certain financial institutions under its First Lien Credit Agreement. All the outstanding amounts under the revolving credit facility were paid in advance with $50 million in cash and the rest were replaced for $50 million of 11.500% Senior Secured Notes.

On March 25, 2022, XELA updated on its strategic investment in UBERDOC, Inc. UBERDOC intends to utilize the investment proceeds to scale its offering to patients countrywide. On March 22, 2022, XELA stated the approval of its application to list 6.00% Cumulative Convertible Preferred Stock by the Nasdaq under the symbol “XELAP”. Trading commenced on March 23, 2022.

XELA: Key Financials

XELA issued its preliminary financial statement on March 11, 2022, for the fourth quarter of fiscal 2021 ended on December 31, 2021. Some of the noteworthy points are as follows

Revenue

The company posted revenues of $294.3 million during the fourth quarter of fiscal 2021 in comparison to $314.1 million during the comparable period of 2020. It recorded a reduction of 6.3% or $19.8 million in its revenue YoY along with missing the revenue expectations by $1.7 million.

EPS

Net loss during Q4 2021 was $70.6 million corresponding to $88.9 million during the comparable quarter of 2020. Its net loss declined YoY by $18.2 million or 20.5%.

Conclusion

XELA stock price sank more than 80% in the past year as the spread of the pandemic was almost at its peak. The current aftermarket stock gain by the company is likely attributed to its statement regarding the CEO transition.

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