Exela Technologies Inc (NASDAQ:XELA) shares are trading lower by 41% to $1.17 during Thursday's session. Per the company, Nasdaq informed Exela Technologies that its common stock would be delisted, with trading suspended on November 8.
What Else: Exela says this follows a prior notification on November 13, 2023, that Exela had failed to meet the Nasdaq minimum market value requirement of $35 million. Despite presenting a compliance plan to Nasdaq's Hearings Panel in July 2024 and receiving an extension until November 1, Exela did not meet the necessary requirements.
Following the delisting notice, Exela's stock is expected to trade on the OTC Markets under the symbol "XELA" starting November 8.
The company has until November 22, to request a review of this decision, and Nasdaq's Listing and Hearing Review Council may independently choose to review it within 45 days.
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According to data from Benzinga Pro, XELA has a 52-week high of $4.34 and a 52-week low of $1.12.
