{"id":510110,"date":"2021-07-07T07:03:29","date_gmt":"2021-07-07T11:03:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\/"},"modified":"2021-07-07T07:03:29","modified_gmt":"2021-07-07T11:03:29","slug":"exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\/","title":{"rendered":"Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage"},"content":{"rendered":"<div class=\"mw_release\">\n<ul type=\"disc\">\n<li>$85 million raised under the $150 million at-the-market equity program launched on June 30, 2021<\/li>\n<li>Proceeds will primarily be used to reduce debt and lower associated annual interest expense by approximately $25 million and fund growth opportunities, in line with previously announced strategic initiatives<\/li>\n<li>$205 million of cash and cash equivalents on hand as of June 30, 2021, not including additional borrowing availability under various credit facilities<\/li>\n<\/ul>\n<p align=\"justify\">IRVING, Texas, July  07, 2021  (GLOBE NEWSWIRE) &#8212; Exela Technologies, Inc.\u00a0(\u201cExela\u201d or the \u201cCompany\u201d) (NASDAQ:XELA), a location-agnostic global business process automation (\u201cBPA\u201d) leader across numerous industries, today announced that its recently announced $150 million at-the-market equity program has significantly improved its liquidity position by raising $85 million of proceeds. The Company plans to use certain proceeds from the equity program to strategically reduce its debt and associated interest expense obligations as well as explore ways to invest in its growth, in line with the previously announced strategic initiative. As an initial step, Exela intends to target an annual debt service reduction of $25 million.<\/p>\n<p align=\"justify\">Shrikant Sortur, Exela\u2019s Chief Financial Officer, noted, \u201cWe are very encouraged by this overwhelming support from our retail investors and our shareholders at large, along with stabilizing business performance. The higher liquidity will help us better leverage our tech enabled business services model by enabling us to fund our growth. Furthermore, the targeted $25 million permanent reduction in annual debt service creates significant value to equity holders as the Company executes its strategic deleveraging.\u201d<\/p>\n<p align=\"justify\">As of June 30, 2021, the Company had over $205 million of cash and cash equivalents. The Company also had $75 million of additional borrowing capacity under various credit facilities, which are available subject to terms and conditions. As a result of the increased liquidity, the Company does not anticipate accessing this additional available borrowing capacity in the near term, including the $53 million available under its $145 million A\/R securitization.<\/p>\n<p align=\"justify\">Exela will provide more details regarding additional steps under the strategic initiative on its upcoming second quarter 2021 Financial Results Call.<\/p>\n<p align=\"justify\">To automatically receive\u00a0Exela\u00a0financial news by e-mail, please visit the Exela Investor Relations website,\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=yQotYraseNRpjIztbc4akZIF-36mfRQGFpupkRNroRkLzQeUclJVOmbjozp8wswtmQhJ28TFcSGsmajKx34SxYJncBdZnINsNXmOhtT9dIuNsT8ySQI_5FQs3bzt_96N\" rel=\"nofollow noopener\" target=\"_blank\">http:\/\/investors.exelatech.com\/<\/a>, and subscribe to E-mail Alerts.<\/p>\n<p align=\"justify\">This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company\u2019s securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.<\/p>\n<p>\n        <strong>About\u00a0Exela Technologies<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=62hqZNXrxNW65s0qp3OwF9V0PFL01zc4v5ABYD6-WvUvbOiYLzlCBGR6tbwvgoZ5TczENkyii_P1h9JndHGHAxD7oVIqGvlFAIQEgg479Vw=\" rel=\"nofollow noopener\" target=\"_blank\">Exela Technologies<\/a>\u00a0is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes,\u00a0Exela\u00a0serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune<sup>\u00ae<\/sup> 100.<\/p>\n<p align=\"justify\">With foundational technologies spanning information management, workflow automation, and integrated communications, Exela\u2019s software and services include multi-industry department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 18,300 employees operating in 23 countries,\u00a0Exela\u00a0rapidly deploys integrated technology and operations as an end-to-end digital journey partner.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release includes statements that are, or may be deemed, \u201cforward-looking statements\u201d within the meaning of Section\u00a027A of the Securities Act, and Section\u00a021E of the Exchange Act and are intended to be covered by the safe harbor provided for under these sections. Forward-looking statements generally are accompanied by words such as \u201cmay,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cseem,\u201d \u201cseek,\u201d \u201ccontinue,\u201d \u201cfuture,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201coutlook\u201d or other similar words, phrases or expressions. These forward-looking statements are based on the current expectations of Exela\u2019s management and are not predictions of actual performance. These forward-looking statements are subject to a number of risks and uncertainties regarding Exela\u2019s businesses, and actual results may differ materially. The factors that may affect Exela\u2019s financial condition and results of operations include, among others, (i) the impact of political and economic conditions on the demand for Exela\u2019s services, (ii) the impact of the COVID-19 pandemic, (iii) the impact of the petition for appraisal pursuant to 8 Del. C. \u00a7 262 in the Delaware Court of Chancery, captioned Manichaean Capital, LLC, et al. v. SourceHOV Holdings, Inc., C.A. No. 2017 0673 JRS, (iv) the impact of a data or security breach, (v) the impact of competition or alternatives to Exela\u2019s services on its business pricing and other actions by competitors, (vi) Exela\u2019s ability to address technological development and change in order to keep pace with its industry and the industries of its customers, (vii) the impact of terrorism, natural disasters or similar events on Exela\u2019s business, (viii) the effect of legislative and regulatory actions in the United States and internationally, (ix) the impact of operational failure due to the unavailability or failure of third-party services on which Exela relies, (x) the effect of intellectual property infringement and (xi) other risk factors described from time to time in Exela\u2019s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments or restatements of, or supplements to, such reports.<\/p>\n<p align=\"left\">Investor and\/or Media Contacts:<\/p>\n<p align=\"left\">Vincent Kondaveeti<br \/>E:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hB_iYH9wREvqOSrms6jh94KKDIq-2PZMSZA3wXti0k9XhAC6rsd6U-2QXZO-yfM6HTNC290yupCg6vvsVi_VzCLxfIjkuQZxL5AxRdK2ITD26uSGI1QFVYbfj2aEoCqU\" rel=\"nofollow noopener\" target=\"_blank\">vincent.kondaveeti@exelatech.com<\/a><br \/>T: 929-620-1849<\/p>\n<p align=\"left\">Mary Beth Benjamin<br \/>E:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=u64PuaekIzcIjfRVL0wlhHODj0MJBPofBBgjaE3y4fvWoj219vl-8nMGA0-SjSrYw66cLcbhSimfv_iKSvaogA==\" rel=\"nofollow noopener\" target=\"_blank\">IR@exelatech.com<\/a><br \/>T: 646-277-1216<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI3NjU3OSM0Mjg2Mzk3IzIwODYxNTY=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/38a4c382-ca00-4646-9f2f-e73942c4151e\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>$85 million raised under the $150 million at-the-market equity program launched on June 30, 2021 Proceeds will primarily be used to reduce debt and lower associated annual interest expense by approximately $25 million and fund growth opportunities, in line with previously announced strategic initiatives $205 million of cash and cash equivalents on hand as of June 30, 2021, not including additional borrowing availability under various credit facilities IRVING, Texas, July 07, 2021 (GLOBE NEWSWIRE) &#8212; Exela Technologies, Inc.\u00a0(\u201cExela\u201d or the \u201cCompany\u201d) (NASDAQ:XELA), a location-agnostic global business process automation (\u201cBPA\u201d) leader across numerous industries, today announced that its recently announced $150 million at-the-market equity program has significantly improved its liquidity position by raising $85 million of proceeds. The Company plans to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-510110","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"$85 million raised under the $150 million at-the-market equity program launched on June 30, 2021 Proceeds will primarily be used to reduce debt and lower associated annual interest expense by approximately $25 million and fund growth opportunities, in line with previously announced strategic initiatives $205 million of cash and cash equivalents on hand as of June 30, 2021, not including additional borrowing availability under various credit facilities IRVING, Texas, July 07, 2021 (GLOBE NEWSWIRE) &#8212; Exela Technologies, Inc.\u00a0(\u201cExela\u201d or the \u201cCompany\u201d) (NASDAQ:XELA), a location-agnostic global business process automation (\u201cBPA\u201d) leader across numerous industries, today announced that its recently announced $150 million at-the-market equity program has significantly improved its liquidity position by raising $85 million of proceeds. The Company plans to &hellip; Continue reading &quot;Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-07T11:03:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI3NjU3OSM0Mjg2Mzk3IzIwODYxNTY=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage\",\"datePublished\":\"2021-07-07T11:03:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\\\/\"},\"wordCount\":912,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI3NjU3OSM0Mjg2Mzk3IzIwODYxNTY=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\\\/\",\"name\":\"Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/exela-technologies-reports-significant-boost-to-cash-and-cash-equivalents-to-over-205-million-and-remains-on-path-to-deleverage\/","og_locale":"en_US","og_type":"article","og_title":"Exela Technologies Reports Significant Boost to Cash and Cash Equivalents to over $205 Million and Remains on Path to Deleverage - Market Newsdesk","og_description":"$85 million raised under the $150 million at-the-market equity program launched on June 30, 2021 Proceeds will primarily be used to reduce debt and lower associated annual interest expense by approximately $25 million and fund growth opportunities, in line with previously announced strategic initiatives $205 million of cash and cash equivalents on hand as of June 30, 2021, not including additional borrowing availability under various credit facilities IRVING, Texas, July 07, 2021 (GLOBE NEWSWIRE) &#8212; Exela Technologies, Inc.\u00a0(\u201cExela\u201d or the \u201cCompany\u201d) (NASDAQ:XELA), a location-agnostic global business process automation (\u201cBPA\u201d) leader across numerous industries, today announced that its recently announced $150 million at-the-market equity program has significantly improved its liquidity position by raising $85 million of proceeds. 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