Summary by Moomoo AI
Exela Technologies, Inc. received a follow-up comment from the United States Securities and Exchange Commission (SEC) regarding its Form 10-K for the fiscal year ended December 31, 2022. The SEC's letter, dated February 27, 2024, addressed to Executive Chairman Par Chadha, refers to Exela's response to a previous SEC comment letter and requests further clarification on certain non-GAAP financial measures presented by the company. Specifically, the SEC is seeking clarification on whether Exela plans to remove restructuring costs, employee severance, and retention bonus costs from its calculation of Adjusted EBITDA. The SEC also inquired about the nature of 'Dark facility and facility consolidation costs' and 'Relocation and all other costs' included within the non-GAAP reconciliation. Exela Technologies is expected to respond to the SEC's request within ten business days or provide a timeline for their response.