Summary by Moomoo AI
Exela Technologies, Inc. has notified the SEC of a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The company cited the inability to finalize the report without unreasonable effort or expense as the reason for the delay. Exela Technologies requires additional time to compile and verify the necessary data for inclusion in the report. The company has also indicated that it will report in the Form 10-K that its disclosure controls and internal financial reporting controls were not effective as of the end of 2023 due to unresolved material weaknesses. Furthermore, Exela Technologies anticipates disclosing substantial doubt about its ability to continue as a going concern within the next year, as per ASC 205-40, not considering the potential mitigating effects of management's plans that are not yet fully implemented. The company plans to file the Form 10-K within the 15-day extension period allowed by Rule 12b-25.