Exela Technologies announces 100M share buyback
Exela Technologies announces 100M share buyback
$Exela Technologies(XELA.US)$ shareholders can exchange blocks of 20 shares of common stock into a $25 liquidation preference, 6% cumulative dividend, voting, convertible preferred stock.
$25 liquidation preference represents a 257% premium to the closing share price of $0.35 on April 15, 2022 on a per share of common stock equivalent basis
Shares tendered will be retired, reducing share count by approximately 20.6%
Holders of Series B Preferred Stock will also be entitled to exchange their shares for an equivalent number of shares of the new class of preferred stock plus a cash payment equal to accrued but unpaid dividends
For record holders of stock the expiration time of the offer is 11:59 p.m. on May 16, 2022.
Shareholders who hold their stock through a broker or other nominee will likely have an earlier deadline by which they must instruct their broker or nominee to tender. Each broker and nominee is different and shareholders must follow the applicable requirements and deadlines of their broker or nominee.
$Exela Technologies (XELA.US) $ 股东可以将20股普通股的区块兑换成25美元的清算优先股、6％的累积股息、有投票权的可转换优先股。
按每股普通股等值计算，25美元的清算优先权比2022年4月15日的收盘价0.35美元高出257％
投标的股票将退回，使股票数量减少约20.6％
B系列优先股的持有人还有权将其股票兑换为等量的新优先股股票，外加等于应计但未支付的股息的现金支付
对于创纪录的股票持有者，要约的到期时间为2022年5月16日晚上11点59分。
通过经纪人或其他被提名人持有股票的股东可能有更早的最后期限，在此截止日期之前，他们必须指示经纪人或被提名人投标。每个经纪人和被提名人都是不同的，股东必须遵守经纪人或被提名人的适用要求和截止日期。