The Board of Directors of HOV Services Limited at its meeting held today had considered and approved the proposal to exchange HOVS LLC common stock held in Exela Technologies Inc. (“Exela” NASDAQ listed), in Exchange Offer announced by Exela on April 18, 2022, wherein for each 20 shares of Common Stock tendered.
Stock holder of Exela will receive one share of Series B1 Preferred Stock with cumulative dividends at the rate of 6.00% per annum of the $25.00 liquidation preference per share of the Series B1 Preferred Stock (an effective price of $1.25 per share of Common Stock). Exela intends to apply to list the Series B1 Preferred Stock on NASDAQ Capital Market.
The Company through its wholly owned subsidiary (WOS), HOVS LLC, holds 5,712,123 common stock of Exela.
The board approved borrowing money/securing funds from bank’s against its immovable property and trade receivables; and investing upto US$ 1.4M in HOVS LLC, its wholly owned subsidiary as per business requirements.