Exela Technologies Inc (NASDAQ:XELA) shares are trading lower by 36% to $1.86 during Tuesday's session amid effectiveness of a 1-for-20 reverse stock split of the company's common stock.
Exela Technologies says the company's Board of Directors approved the split and determined the 1-for-20 ratio to be appropriate to meet Exela's goals of improving the marketability and liquidity of its common stock, compliance with Nasdaq listing requirements and allowing the company's management team to focus on its business.
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Shares began trading on a split-adjusted basis on the Nasdaq Capital Market on July 26.
According to data from Benzinga Pro, Exela Technologies has a 52-week high of $70.80 and a 52-week low of $1.83.
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