Texas-based business process automation company Exela Technologies Inc (NASDAQ:XELA) has been on an excellent run over the past few days, and today, XELA stock rose by 10% again after the company announced a key appointment to its board of directors. In a new development, the company announced that the former Senior Vice President and General Counsel of Express Scripts Holding Company has been inducted into the company’s board of directors.
It is a significant appointment and brings a lot of experience to the company, which is in the process of charting a global footprint. The Chairman of Exela’s Board spoke about the appointment and stated, “Marty’s significant public company experience, serving as general counsel, provides him with a great perspective on a number of items including governance, the regulatory environment, and mergers and acquisitions.” The move was cheered on by investors, and XELA stock climbed once the news hit the wires.
Interest from California Investor
XELA stock has been on an upward trajectory since last week after it emerged that the company has attracted the interest of investors from a firm in California and an unnamed private equity company. Exela Technologies informed that it had received a non-binding offer from Santa Monica-based HandsOn Global Management, and in addition to that, interest was also expressed by a globally well known private equity firm. It goes without saying that such a revelation was going to fire up the market, and after the news broke on July 26, XELA stock climbed by as much as 15%.
To drive home the point that the interest was not merely a case of tentative queries from interested parties, the company went on to state that it has formed a committee that is going to look into the offers. However, Exela will not be speaking about the progress of the committee’s work publicly. All the same, the excitement among investors regarding XELA stock is palpable.
At the time of writing, XELA is up 10% at $3.04.
Featured image: DepositPhotos © everythingposs