Par Chadha once said "Many people are burdened by a fear of failure. America is a unique place where you can fail, start up again, and still become legendary. "

Off Course he has become legendary by diluting his own stock and making 90,000 shareholders poorer. 

There is not a single shareholder who has gained from this stock except shorters who sell the stock and buy it later at lower prices.

Management has done a reverse split in 2 years .

The first split for XELA took place on January 26, 2021. This was a 1 for 3 reverse split, meaning for each 3 shares of XELA owned pre-split, the shareholder now owned 1 share.

2nd reverse split : announced that its Board of Directors has approved a 1-for-20 reverse stock split of the Company’s common stock, which will be effective at 5:00 p.m. Eastern Time on Monday, July 25, 2022. 

Chairman of XELA mentioned "The board of directors, as described in the proxy, has until December 31st, 2022 to effect a reverse stock split; any authority granted by the shareholders to this proposal five will terminate. The Company plans to explore compliance options with NASDAQ listing rules before effectuating a reverse split."

Read it again: "The Company plans to explore compliance options with NASDAQ listing rules before effectuating a reverse split.""

But they never did and put all the loyal shareholder in state of panic.

This management decision and constant dilution should be investigate to fullest by competent authorities. 

Par has no reason to stay in the company . He should resign it immediately and let the agency do the investigation and bring to justice the hard earned money of shareholders.