XBP Europe completes acquisition of Exela BPA; combined revenue >$900M, eliminates $1.1B debt

XBP Global Holdings, Inc.

• Acquisition of Exela Technologies BPA closed, resulting in combined company with over $900M annual revenue and ~11,000 employees across 19 countries.
• BPA emerged from Chapter 11; XBP Europe issued ~81.8M new shares valued at $4.98/share to eliminate $1.1B of secured debt.
• Combined company's trailing net debt-to-adjusted EBITDA ratio approximately 3.5x, indicating strengthened financial position.
• Company amended its credit facility with HSBC, extending termination date and adding up to £14M permitted loans for restructuring.
• Shareholders approved name change to XBP Global Holdings, Inc., increase in authorized shares, reverse stock split (1:3-1:15), and other governance changes.