By Chris Wack
Exela Technologies shares were up 13% to $5.32 after the company completed the sale of its high-speed scanner manufacturing and maintenance business to Imaging Business Machines.
The stock hit its 52-week low of $2.62 on May 15, and is down 99% in the past 12 months.
The company said the business, which includes the Intelliscan family of products, generated revenue of $20.5 million in 2022.
The transaction is part of the strategic initiatives previously announced by Exela. The company plans to use the incremental liquidity for general corporate purposes, debt obligations and transactions expenses.
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