Exela Technologies (NASDAQ:XELA) stock is a hot topic among traders on Tuesday with the company’s shares seeing major gains.
However, there’s no news from the company explaining today’s surge in price. Even so, investors will want to keep an eye on XELA stock as it prepares for a hearing concerning its continued listing on the Nasdaq.
That hearing is scheduled to take place on March 2, 2023. The company will make its case to a hearing panel with plans for how it intends to regain compliance with the exchange’s requirements.
There are a few problems weighing on XELA stock that explain its delisting trouble. That includes the company’s shares only trading for about 7 cents when markets closed on Monday. The Nasdaq requires stocks to maintain a price above $1 per share to remain on the exchange.
In addition, Exela is dealing with liquidity problems. That has kept it from paying semiannual coupons, although it’s working to fix that. This includes negotiating deals with third-party sources of liquidity that will help the company make those payments.
What This Means for XELA Stock
There’s no denying that XELA stock is in a rough place right now. Investors will want to watch shares as the March 2 hearing approaches. The events of the hearing will likely have a strong effect on the future of the stock.
It’s worth pointing out that XELA stock is seeing heavy trading volume today. As of this writing, more than 109 million shares have changed hands. That’s quite the surge compared to the daily average trading volume of 97 million shares.
XELA stock is up 6.8% as of Tuesday morning.
There’s more recent stock market news worth diving into below!
We’ve got all the biggest stock stories for traders to read about on Tuesday! That includes why shares of SeqLL (NASDAQ:SQL), Baidu (NASDAQ:BIDU) and Lithium Americas (NYSE:LAC) stock are moving today. You can find all that news at the following links!
More Tuesday Stock Market News
- Why Is SeqLL (SQL) Stock Up 256% Today?
- Baidu (NASDAQ:BIDU) Stock Gains 11% on Ernie AI Bot News
- Lithium Americas (LAC) Stock Jumps 10% on Thacker Pass Ruling
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.