Exela Technologies Shares Rise 6.3% On Preferred Stock Offering Through Buyback Exchange

Dow Jones2022-04-19

By Denny Jacob

Exela Technologies Inc. shares rose 6.3% to 37 cents after the business process automation company said it offered shareholders a buyback of up to 100 million shares of its common stock for $1.25 a share in exchange for a new class of its preferred stock.

The company said the exchange offers 100 million shares of common stock for up to $125 million aggregate liquid preference of its 6% Series B1 cumulative convertible perpetual preferred stock, with each 20 shares of common stock being exchangeable for one share of the preferred stock with a liquidation preference of $25 a share.

Write to Denny Jacob at denny.jacob@wsj.com

$(END)$ Dow Jones Newswires

April 18, 2022 13:16 ET (17:16 GMT)

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Comments

eugina
2022-04-28
eugina
anybody know what is this in simple term? @exela

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