Exela Technologies (NASDAQ:XELA) stock is on the move Monday after the digital business process services company announced plans for a spinoff of its business process automation (BPA) business.
Exela Technologies’ board has authorized the spinoff of its BPA business to shareholders of XELA stock. This has it planning to distribute shares of this new company to XELA investors on record as of sometime in the third quarter or Q4.
Investors won’t have to take any action to get the shares in the Exela Technologies BPA spinoff. The company will also provide further details, such as the leaders of the new company, to these investors at a later date.
Exela is also looking into this being a potentially tax-free spinoff. This may require investors to speak with their tax professionals about the share distribution. The company has Loeb & Loeb LLP acting as its legal counsel for the matter.
XELA Stock Movement on Monday
News of the Exela spinoff has the company’s shares down 5.8% on Monday. This comes with some 100,000 shares of the stock changing hands. That’s still well below its daily average trading volume of about 257,000 shares. Investors will also note that XELA stock is down 28.6% since the start of the year.
There are plenty of other stock market stories for traders to read about today!
Fortunately, we have all of that news ready to go on Monday! A few examples include what’s happening with shares of Complete Solaria (NASDAQ:CSLR), Spirit AeroSystems (NYSE:SPR) and Nio (NYSE:NIO) stock today. All of that news is available at the links below!
More Stock Market News for Monday
- Why Is Complete Solaria (CSLR) Stock Up 41% Today?
- SPR Stock: Spirit AeroSystems Pops on Boeing’s $4.7 Billion Deal
- NIO Stock Alert: Nio Deliveries Almost Double in June 2024
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
