Exela unveils plans to spin off business process automation subsidiary
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- Exela Technologies (NASDAQ:XELA) on Monday said that its Board of Directors has authorized the company to consider a spin-off of its wholly owned subsidiary, Exela Technologies BPA, to Exela stockholders.
- The potential spin-off, if completed, would likely be structured so that all Exela (XELA) stockholders as of a record date in the third or fourth quarter, would receive their pro rata share of a newly formed holding company owning Exela’s (XELA) business process automation business, and continue to own Exela, as currently constituted.
- No action or payment will be required by Exela (XELA) stockholders to receive shares of the BPA Business or any cash-in-lieu of fractional shares that would be paid in connection with the spin-off.
- XELA -1.23% premarket to $2.4.
- Source: Press Release