On July 1, 2024, Exela Technologies, Inc., a leader in business process automation, announced its plan to explore a spinoff of its business process automation (BPA) business. The proposed spinoff would allow Exela stockholders to receive a pro-rata share of a new holding company that would own the BPA business, while still retaining their ownership in Exela, including its majority stake in XBP Europe Holdings, Inc. and the North American onsite services business, minus the BPA business. The distribution of shares is subject to customary conditions, Board approval, and the effectiveness of a registration statement to be filed by the BPA Business. Exela is also assessing the tax implications of the spinoff under Section 355(a) of the Internal Revenue Code. Legal counsel for the transaction is provided by Loeb & Loeb LLP. While the company has shared its intentions, there is no certainty that the spinoff will be completed as described or at all.

On July 1, 2024, Exela Technologies, Inc., a leader in business process automation, announced its plan to explore a spinoff of its business process automation (BPA) business. The proposed spinoff would allow Exela stockholders to receive a pro-rata share of a new holding company that would own the BPA business, while still retaining their ownership in Exela, including its majority stake in XBP Europe Holdings, Inc. and the North American onsite services business, minus the BPA business. The distribution of shares is subject to customary conditions, Board approval, and the effectiveness of a registration statement to be filed by the BPA Business. Exela is also assessing the tax implications of the spinoff under Section 355(a) of the Internal Revenue Code. Legal counsel for the transaction is provided by Loeb & Loeb LLP. While the company has shared its intentions, there is no certainty that the spinoff will be completed as described or at all.