Exela Technologies announced on July 1, 2024, that its Board of Directors has authorized the exploration of spinning off its wholly-owned subsidiary, Exela Technologies BPA, LLC, to maximize shareholder value. The proposed spinoff would distribute shares of a newly formed holding company owning the BPA business to existing stockholders on a pro-rata basis, expected in Q3 or Q4 2024.Post-spinoff, shareholders would retain their current Exela ownership, including its over 70% stake in Nasdaq-listed XBP Europe Holdings and North American onsite services business, while receiving additional shares in the separated BPA entity. The transaction is being evaluated for tax-free distribution status under Section 355(a) of the Internal Revenue Code.The completion of the spinoff remains subject to final Board approval, registration statement effectiveness, and other customary conditions. Loeb & Loeb LLP is serving as legal counsel for the transaction. No shareholder action is required for the distribution, though further details will be provided in upcoming SEC filings.

Exela Technologies announced on July 1, 2024, that its Board of Directors has authorized the exploration of spinning off its wholly-owned subsidiary, Exela Technologies BPA, LLC, to maximize shareholder value. The proposed spinoff would distribute shares of a newly formed holding company owning the BPA business to existing stockholders on a pro-rata basis, expected in Q3 or Q4 2024.Post-spinoff, shareholders would retain their current Exela ownership, including its over 70% stake in Nasdaq-listed XBP Europe Holdings and North American onsite services business, while receiving additional shares in the separated BPA entity. The transaction is being evaluated for tax-free distribution status under Section 355(a) of the Internal Revenue Code.The completion of the spinoff remains subject to final Board approval, registration statement effectiveness, and other customary conditions. Loeb & Loeb LLP is serving as legal counsel for the transaction. No shareholder action is required for the distribution, though further details will be provided in upcoming SEC filings.