Exela Technologies, Inc (NASDAQ:XELA), a small cap business process automation company, was nosediving over 15% lower at one point on Wednesday after plunging over 32% on Tuesday.
On Tuesday, Exela began trading on a 1-20 split adjusted basis, which caused a negative reaction for the company’s common stock. Shares of Exela had also run up into the event, and when a stock runs prior to known news, a sharp decline often follows.
