Exela Technologies, Inc. (NASDAQ: XELA) disclosed Wednesday that it has finally concluded the $100 million at-the-market equity program. The program was announced by the firm on May 27, 2021. Additionally, the firm has inked an agreement for an additional $150 million at-the-market equity program.
Exela Technologies is planning to utilize the net profit from the offering for the buying or retirement of debt and/or general business purposes. It will utilize the profit for the funding of its development programs, commercial planning and sales and marketing expenses, general and administrative expenses, buying or licensing of extra product candidates or businesses, or working capital.
Shares of Exela Technologies surged 28.21% as it has gained +0.66 at the time of writing on Wednesday. The firm has recorded a trading volume of 104.13 million as compared to the average volume of 8.81 million during the trading session of Wednesday. In the past 52-weeks of a trading session., the share of the firm oscillated between the 52-week low and high range of $0.99 and $7.82, respectively. XELA has a total market capitalization of $131.48 million at the time of writing.
Furthermore, the offering of these securities is being made following a valid shelf registration statement on Form S-3, which was originally lodged with the SEC on May 3, 2021, and proclaimed valid by the SEC on May 12, 2021.