Why Exela Technologies Shares Are Getting Hammered Today

Why Exela Technologies Shares Are Getting Hammered Today

Exela Technologies Inc XELA shares are trading lower by 27.97% to $0.10 during Monday's after-hours session after Exela announced an approved 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.

Shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market commencing upon market open on July 26.

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According to data from Benzinga Pro, Exela Technologies has a 52-week high of $3.54 and a 52-week low of $0.09.

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