Summary by Moomoo AI
Nasdaq has notified Exela Technologies of its decision to delist the company's common stock, with trading suspension effective November 8, 2024. The delisting follows the company's failure to maintain the minimum $35 million Market Value of Listed Securities (MVLS) requirement and meet alternative compliance standards under Nasdaq Listing Rule 5550(b).Despite appearing before the Nasdaq Hearings Panel on July 2, 2024, and receiving an extension until November 1, 2024, Exela failed to regain compliance. The company's shares will transition to trading on the OTC Markets system under the symbol "XELA" starting November 8, 2024.Exela has until November 22, 2024, to appeal the Panel's decision by requesting a review from the Nasdaq Listing and Hearing Review Council. The Council may also independently review the decision within 45 calendar days of the notification.
