XELA Offer: Option 2?
$Exela Technologies, Inc.(XELA)$
Anyone get XELA?
Exela Technologies, Inc has offered to exchange up to 100,000,000 of its outstanding shares of common stock for preferred stock.
The terms of the offer are as follows (subject to proration):
Option 1: Take no action (Default)
Option 2: Tender shares for preferred stock: For each 20 shs of common stock tendered, holders will receive 1 share of 6.00% Series B1 Cumulative Convertible Perpetual Preferred Stock having a liquidation preference of $25.00 per share of Series B Preferred stock (an effective price of 1.25 USD per Common Stock)
Odd lot priority: No
Minimum Tender Requirement: 20 shares and in multiples of 20 thereafter
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$Exela Technologies, Inc.(XELA)$
IRVING, Texas, May 02, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA) announced today that it has amended the previously announced exchange offer for shares of its Common Stock and Series B Preferred Stock. In the amended offer (the “Offer”), stockholders can now exchange Common Stock in 20 share increments for one share of the existing, publicly-traded Series B Preferred Stock (Nasdaq: XELAP) with a $25 liquidation preference, which following the Tandem Stock Dividend described below, will have 20 votes per share. In light of the changes to the Offer, the Company has determined to terminate the offer to exchange the Series B Preferred Stock for a new series of preferred stock. As a result, existing holders of the Series B Preferred Stock need not take any action.
is option 2 a good choice?
had. but got out
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