Summary by Moomoo AI
Exela Technologies, Inc. has reported a series of compliance efforts with NASDAQ's listing rules. On November 13, 2023, the company was notified by NASDAQ of noncompliance with the Market Value of Listed Securities (MVLS) Rule due to its MVLS falling below the $35 million threshold and failing to meet alternative requirements, including the $2.5 million Minimum Equity Requirement. In response, Exela Technologies submitted a compliance plan on July 2, 2024, proposing a spin-off of Exela Technologies BPA, LLC to its shareholders to meet the equity requirement. NASDAQ granted an extension until November 1, 2024, for the company to demonstrate compliance, subject to achieving certain interim milestones. Additionally, Exela Technologies was previously cited for not holding an annual shareholder meeting within the required timeframe but has since rectified this by holding the combined 2023 and 2024 Annual Meeting of Stockholders on June 13, 2024, which brought the company back into compliance with NASDAQ's listing standards.
