Xerox Holdings Corp S-3, filed Jan 21, 2026
Xerox Holdings Corp (XRX)
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As filed with the Securities and Exchange Commission on January 20, 2026.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
XEROX HOLDINGS CORPORATION
(Exact name of registrant as specified in its charter)
| New York | 83-3933743 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
401 Merritt 7
Norwalk, Connecticut 06851-1059
(203) 849-5216
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Flor M. Colón
Chief Legal Officer and Corporate Secretary
Xerox Holdings Corporation
401 Merritt 7
Norwalk, Connecticut 06851-1059
(203) 849-5216
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copy to:
Joshua N. Korff, P.C.
Jennifer L. Lee, P.C.
Zoey Hitzert
Kirkland & Ellis LLP
601 Lexington Avenue
New York, New York 10022
(212) 446-4800
Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
| Emerging growth company | ☐ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.
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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED January 20, 2026
XEROX HOLDINGS CORPORATION
$250,000,000
Common Stock
Warrants
We may offer from time to time, in one or more offerings, up to $250,000,000 aggregate principal amount of the securities described above. This prospectus describes the general terms of these securities and the general manner in which we will offer them. We will provide the specific terms and prices of these securities in supplements to this prospectus. The prospectus supplements will also describe the specific manner in which we will offer these securities and may also supplement, update or amend information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest.
Unless otherwise stated in a prospectus supplement, none of these securities other than our common stock will be listed on any securities exchange. Xerox Holdings Corporation’s common stock is listed on the Nasdaq Global Select Market under the symbol “XRX.” On January 16, 2026, the last reported sales price for our common stock was $2.72 per share.
We may offer and sell these securities through one or more underwriters, dealers or agents, through underwriting syndicates managed or co-managed by one or more underwriters, or directly to purchasers, on a continuous or delayed basis. The prospectus supplement for each offering of securities will describe in detail the plan of distribution for that offering.
Investing in the offered securities involves risks. See “Risk Factors” beginning on page 4 and carefully consider the discussion of risk and uncertainties described in any applicable prospectus supplement and in the documents we incorporate by reference.
Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus or any applicable prospectus supplement. Any representation to the contrary is a criminal offense.
The date of this prospectus , 2026
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We are responsible for the information contained and incorporated by reference in this prospectus. We have not authorized anyone to give you any other information, and we take no responsibility for any other information that others may give you. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained or incorporated by reference in this prospectus or any prospectus supplement is accurate as of any date other than the date of the document containing the information.
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This prospectus is part of a registration statement that we filed with the SEC utilizing a “shelf” registration process. Under this shelf process, we may periodically sell the securities described in this prospectus in one or more offerings.
This prospectus provides a general description of our common stock and warrants that we may offer. Each time we offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. We may also provide a prospectus supplement to add information to, or update or change information contained in, this prospectus. To the extent there is a conflict between the information contained in this prospectus and the prospectus supplement, you should rely on the information in the prospectus supplement, provided that if any statement in one of these documents is inconsistent with a statement in another document having a later date—for example, a document incorporated by reference in this prospectus or any prospectus supplement—the statement in the later-dated document modifies or supersedes the earlier statement.
We have not authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We will not make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and the applicable prospectus supplement to this prospectus is accurate only as of the date on its respective cover, that the information appearing in any applicable free writing prospectus is accurate only as of the date of that free writing prospectus, and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus incorporates by reference, and any prospectus supplement or free writing prospectus may contain and incorporate by reference, market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. The market and industry data and forecasts that may be included or incorporated by reference in this prospectus, any prospectus supplement or any applicable free writing prospectus may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading “Risk Factors” contained in this prospectus, the applicable prospectus supplement and any applicable free writing prospectus, and under similar headings in other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information.
Before making your investment decision, you should carefully read:
| • | this prospectus; |
| • | any applicable prospectus supplement, which (a) explains the specific terms of the securities being offered and (b) updates and changes information in this prospectus; and |
| • | the documents referred to in “Where You Can Find More Information” on page 12 of this prospectus for information about us, including our financial statements. |
References to “we,” “us,” “our,” “Xerox” or the “Company” refer to Xerox Holdings Corporation and its consolidated subsidiaries, unless the context otherwise requires.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the documents incorporated by reference contain statements which are not historical facts, including statements relating to the Company’s outlook, that are considered forward-looking statements under federal securities laws and may be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would,”, “could,”, “can,” “should,” “targeting,” “projecting,” “driving,” “future,” “plan,” “predict,” “may” or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.
Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in “Item 1.A. Risk Factors” in Part I of Xerox Holdings Corporation’s and Xerox Corporation’s most recent combined Annual Report on Form 10-K, or any updates under the caption “Item IA. Risk Factors” in Part II of Xerox Holdings Corporation’s and Xerox Corporation’s most recent combined Quarterly Report on Form 10-Q, together with all of the other information appearing in or incorporated by reference into this prospectus. All forward-looking statements are qualified by these cautionary statements and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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Xerox is a workplace technology company, building and integrating service-led, software-enabled workplace solutions for enterprises large and small. As customers seek to manage information and document workflows across digital and physical platforms, we deliver a seamless, secure, and sustainable experience. Whether inventing the copier, the Ethernet, the laser printer or more, Xerox has long defined the modern work experience and continues to do so with investments in IT infrastructure, artificial intelligence (AI), augmented reality (AR)-driven service experiences, robotic process automation (RPA) and other technologies that enable Xerox to deliver essential products and services to address the productivity challenges of a hybrid workplace and distributed workforce.
Xerox serves customers globally in North America, Europe, Latin America, Brazil, Asia, the Middle East, Africa, and India. This geographic span allows Xerox to deliver its technology and solutions to customers of all sizes, regardless of complexity or number of customer locations.
Xerox Holdings Corporation is a New York corporation, organized in 2019, with its principal executive offices located at 401 Merritt 7, Norwalk, Connecticut 06851-1059. Our telephone number is (203) 849-5216.
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Investment in the offered securities involves risks. Before deciding to invest in our securities, you should carefully consider the risk factors incorporated into this prospectus by reference to Xerox Holdings Corporation’s and Xerox Corporation’s most recent combined Annual Report on Form 10-K and most recent combined Quarterly Report on Form 10-Q, and the other information contained in this prospectus, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and risk factors and other information contained in any applicable prospectus supplement before acquiring any of our securities. For a description of these reports and documents, and information about where you can find them, see the section of this prospectus entitled “Where You Can Find More Information.” The occurrence of any of the events described in the risk factors might cause you to lose all or part of your investment in our securities. Please also refer to the section above entitled “Cautionary Statement Regarding Forward-Looking Statements.”
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As of the date of this prospectus, Xerox Holdings Corporation had one class of securities registered pursuant to Section 12 of the Exchange Act: common stock, par value $1.00 per share (the “Common Stock”). The following summary of the terms of the Common Stock is not meant to be complete and is qualified by reference to the relevant provisions of New York law and the Restated Certificate of Incorporation (the “Charter”) and Amended and Restated By-Laws (the “Bylaws”) of Xerox Holdings Corporation.
Dividend Rights and Restrictions
Holders of Common Stock are entitled to dividends as and when declared by the board of directors of Xerox Holdings Corporation out of the net assets legally available therefor. All shares of Common Stock are entitled to participate equally in such dividends. There are no restrictions on the payment of dividends or purchase or redemption of Common Stock under the Charter or the Bylaws, provided that all dividends for past periods and the dividends for the current quarter on any outstanding preferred stock and retirement, purchase or sinking fund requirements thereon, if any, will have been paid or provided for.
Voting Rights
Each share of Common Stock is entitled to one vote per share subject to the right of the holders of any outstanding preferred stock, if six quarterly dividends (whether or not consecutive) thereon are in default, to elect, voting as a class, two additional members to Xerox Holdings Corporation’s board of directors, which right continues until the default is cured. In addition, the separate vote or consent of the holders of outstanding preferred stock is required to authorize certain corporate action.
Liquidation Rights
Holders of Common Stock are entitled to receive Xerox Holdings Corporation’s net assets, on a pro-rata basis, upon the dissolution, liquidation or winding up of Xerox Holdings Corporation, after the payment in full of all preferential amounts to which the holders of any then-outstanding shares of preferred stock shall be entitled.
Preemptive Rights
Holders of Common Stock do not possess preemptive rights or subscription rights to any additional issues of any class of the capital stock or any of Xerox Holdings Corporation’s other securities.
Liability to Further Calls or Assessments
Based on the advice of counsel, all the issued and outstanding Common Stock is fully paid and non-assessable.
Transfer Agent and Registrar
The transfer agent and registrar for the Common Stock is Computershare Trust Company, N.A., and any successor appointed in such capacity.
Listing
The Common Stock is listed and traded on the Nasdaq Global Select Market under the symbol “XRX.”
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The following description contains a summary of the general terms and provisions of warrants to which any prospectus supplement may relate. The particular terms of the warrants offered by any prospectus supplement and the extent, if any, to which such general provisions may not apply to the warrants so offered will be described in the prospectus supplement relating to such warrants. For more information, please refer to the provisions of the warrant agreement and warrant, forms of which we will file with the SEC at or prior to the time of the sale of the warrants. For information on incorporation by reference, and how to obtain copies of these documents, see the section in this prospectus entitled “Where You Can Find More Information.”
We may offer, by means of this prospectus and the accompanying prospectus supplements, warrants for the purchase of our common stock, any other rights or any combination thereof, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing. We may issue warrants independently or together with other securities by means of this prospectus, and the warrants may be attached to or separate from such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent specified therein or the applicable prospectus supplement. The warrant agent will act solely as our agent in connection with the warrants of such series and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants.
The prospectus supplement relating to any warrants we offer will include specific terms relating to the offering. These terms may include some or all of the following, as applicable:
| • | the title of the warrants; |
| • | the price or prices at which the warrants will be issued; |
| • | the currencies in which the price or prices of the warrants may be payable; |
| • | the designation, amount and terms of the securities purchasable upon exercise of the warrants; |
| • | the designation and terms of the other securities, if any, with which the warrants are to be issued and the number of warrants issued with each other security; |
| • | the aggregate number of warrants; |
| • | any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants; |
| • | the price or prices at which the securities purchasable upon exercise of the warrants may be purchased; |
| • | if applicable, the date on and after which the warrants and the securities purchasable upon exercise of the warrants will be separately transferable; |
| • | the date on which the right to exercise the warrants will commence, and the date on which the right will expire; |
| • | the maximum or minimum number of warrants that may be exercised at any time; |
| • | a discussion of material U.S. federal income tax considerations; |
| • | information with respect to book-entry procedures, if any; and |
| • | any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants. |
Exercise of Warrants
Each warrant will entitle the holder of the warrant to purchase the amount of our common stock, any other rights or any combination thereof, as the case may be, at the exercise price stated or determinable in the
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applicable prospectus supplement for the warrants. Warrants may be exercised as described in the applicable prospectus supplement at any time up to the close of business on the expiration date stated therein, unless otherwise specified in such prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void. When the warrant holder makes the payment and properly completes and signs the warrant certificate at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward or cause to be forwarded the common stock, any other rights or any combination thereof that the warrant holder has purchased, as the case may be. If the warrant holder exercises the warrant for less than all of the warrants represented by the warrant certificate, we will issue a new warrant certificate for the remaining warrants.
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Initial Offering and Sale of Securities
We may sell the securities covered by this prospectus from time to time, in one or more or any combination of the following transactions:
| • | to or through underwriters or dealers; |
| • | directly to a limited number of purchasers or to a single purchaser; |
| • | in “at the market offerings,” within the meaning of Rule 415(a)(4) under the Securities Act, to or through a market maker or into an existing trading market, on an exchange or otherwise; |
| • | through agents; or |
| • | any other method permitted by applicable law. |
We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment to the registration statement of which this prospectus forms a part).
The applicable prospectus supplement will set forth the terms of the offering of the securities covered by this prospectus, including:
| • | the name or names of any underwriters, dealers or agents and the amounts of securities underwritten or purchased by each of them; |
| • | the initial public offering price of the securities, if a fixed priced offering, and the proceeds to us and any discounts, commissions or concessions allowed or reallowed or paid to dealers; and |
| • | any securities exchanges on which the securities may be listed. |
Any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.
Underwriters or the third parties described above may offer and sell the offered securities from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. If we use underwriters in the sale of any securities, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions described above. The securities may be offered to the public either through underwriting syndicates represented by managing underwriters or directly by underwriters. Generally, the underwriters’ obligations to purchase the securities will be subject to customary conditions. The underwriters will be obligated to purchase all of the offered securities if they purchase any of the offered securities.
We may sell the securities at prices then prevailing or related to the then current market price or at negotiated prices. The offering price of the securities from time to time will be determined by us, as applicable, and, at the time of the determination, may be higher or lower than the market price of the securities on any securities exchanges on which the securities may be listed.
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We may sell the securities through agents from time to time. The applicable prospectus supplement will name any agent involved in the offer or sale of the securities and any commissions we pay to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.
We may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase the securities from us at the public offering price set forth in the applicable prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in the applicable prospectus supplement, and the applicable prospectus supplement will set forth any commissions we pay for solicitation of these contracts.
Certain persons participating in an offering may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. Specifically, in connection with underwritten offerings of the offered securities and in accordance with applicable law and industry practice, the underwriters may over-allot and may bid for, and purchase, the securities in the open market.
Agents, underwriters and other third parties described above that participate in the distribution of the offered securities may be underwriters as defined in the Securities Act, and any discounts or commissions they receive from us and any profit on their resale of the securities may be treated as underwriting discounts and commissions under the Securities Act. We may have agreements with the agents, underwriters and those other third parties to indemnify them against specified civil liabilities, including liabilities under the Securities Act, or to contribute to payments they may be required to make in respect of those liabilities. Agents, underwriters and those other third parties may engage in transactions with or perform services for us in the ordinary course of their businesses.
To comply with applicable state securities laws, the securities offered by this prospectus will be sold, if necessary, in such jurisdictions only through registered or licensed brokers or dealers. In addition, securities may not be sold in some states absent registration or pursuant to an exemption from applicable state securities laws.
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The validity of the securities described in this prospectus will be passed upon for us by Kirkland & Ellis LLP, New York, New York. Additional legal matters may be passed on for us, or any underwriters, dealers or agents, by counsel we will name in the applicable prospectus supplement.
Xerox Holdings Corporation
The financial statements of Xerox Holdings Corporation and management’s assessment of the effectiveness of internal control over financial reporting (which is included in Management’s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form 10-K of Xerox Holdings Corporation for the year ended December 31, 2024 have been so incorporated in reliance on the report (which contains a paragraph relating to the effectiveness of internal control over financial reporting due to the exclusion of ITsavvy Acquisition Company, Inc. because it was acquired by the Company in a purchase business combination during 2024) of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
Lexmark
The consolidated financial statements of Lexmark International II, LLC as of and for the years ended December 31, 2024 and 2023 incorporated by reference in this prospectus and in the registration statement have been so incorporated in reliance on the report of BDO USA, P.C., independent auditors, given on the authority of said firm as experts in auditing and accounting.
ITsavvy
The consolidated financial statements of ITsavvy Acquisition Company, Inc. as of December 31, 2023 and for the year ended December 31, 2023 have been audited by RSM US LLP, an independent auditor, as stated in their report thereon, incorporated herein by reference, and have been incorporated and included in this Prospectus and Registration Statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.
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WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov. Please note that the SEC’s website is included in this prospectus and any applicable prospectus supplement as an inactive textual reference only. The information contained on the SEC’s website is not incorporated by reference into this prospectus and should not be considered to be part of this prospectus, except as described in the following paragraph.
We “incorporate by reference” into this prospectus and any applicable prospectus supplement certain information we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus. Certain information that we subsequently file with the SEC will automatically update and supersede information in this prospectus and in our other filings with the SEC. We incorporate by reference the documents listed below, which we have already filed with the SEC, and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, until all the securities offered by this prospectus have been sold and all conditions to the consummation of such sales have been satisfied, except that we are not incorporating any information included in a Current Report on Form 8-K that has been or will be furnished (and not filed) with the SEC, unless such information is expressly incorporated herein by a reference in a furnished Current Report on Form 8-K or other furnished document:
| • | our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025; |
| • | the portions of the Definitive Proxy Statement on Schedule 14A for the 2025 annual meeting of stockholders, filed with the SEC on April 9, 2025, that are incorporated by reference into our Annual Report on Form 10-K for the year ended December 31, 2024; |
| • | our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with the SEC on May 12, 2025, August 7, 2025 and November 10, 2025, respectively; |
| • | our Current Reports on Form 8-K, filed with the SEC on January 21, 2025, February 5, 2025, April 11, 2025, May 9, 2025, May 27, 2025, July 2, 2025 (as amended on July 31, 2025 (other than Exhibit 99.4)), August 15, 2025, November 19, 2025, December 9, 2025 and January 20, 2026; |
| • | the description of our Common Stock contained in the Registration Statement on Form 8-A12B, filed with the SEC on September 20, 2021, Exhibit 4(d) to our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and any amendment or report filed for the purpose of updating that description; and |
| • | all documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the initial filing of the registration statement of which this prospectus forms a part until all of the securities being offered under this prospectus or any prospectus supplement are sold (other than reports, documents or information that are furnished and not filed with the SEC). |
Notwithstanding the foregoing, information furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits under Item 9.01, is not incorporated by reference in this prospectus or any prospectus supplement.
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We will furnish without charge to you, on written or oral request, a copy of any or all of such documents that has been incorporated herein by reference (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into the documents that this prospectus incorporates). Written or oral requests for copies should be directed to us at the following address or telephone number:
Xerox Holdings Corporation
401 Merritt 7
Norwalk, Connecticut 06851-1059
telephone (203) 849-5216
Attention: Chief Legal Officer and Corporate Secretary.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
| Item 14. | Other Expenses of Issuance and Distribution. |
The following table sets forth all costs and expenses, other than underwriting discounts and commissions, payable by us in connection with the securities being registered hereby. Except as otherwise noted, all of the fees set forth below are estimates.
| Amount Paid* | ||||
| SEC Registration Fee |
$ | 34,525 | ||
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| FINRA Fee |
38,000 | |||
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| Printing Fees and Expenses |
10,000 | |||
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| Accounting Fees and Expenses |
125,000 | |||
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| Legal Fees and Expenses |
100,000 | |||
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| Total |
$ | 307,525 | ||
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| * | Excludes the cost of future takedowns. |
| Item 15. | Indemnification of Directors and Officers. |
Section 721 of the New York Business Corporation Law (the “NYBCL”) provides that, in addition to indemnification provided in Article 7 of the NYBCL, a corporation may indemnify a director or officer by a provision contained in the certificate of incorporation or by-laws or by a duly authorized resolution of its shareholders or directors or by agreement, provided that no indemnification may be made to or on behalf of any director or officer if a judgment or other final adjudication adverse to the director or officer establishes that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action, or that such director or officer personally gained in fact a financial profit or other advantage to which he was not legally entitled.
Section 722(a) of the NYBCL provides that a corporation may indemnify a director or officer made, or threatened to be made, a party to any action other than a derivative action, whether civil or criminal, against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees, actually and necessarily incurred as a result of such action or proceeding or any appeal therein, if such director or officer acted in good faith, for a purpose which he reasonably believed to be in, or not opposed to, the best interests of the corporation and, in criminal actions or proceedings, in addition, had no reasonable cause to believe that his conduct was unlawful.
Section 722(c) of the NYBCL provides that a corporation may indemnify a director or officer, made or threatened to be made, a party in a derivative action, against amounts paid in settlement and reasonable expenses, including attorneys’ fees, actually and necessarily incurred by the director or officer in connection with the defense or settlement of such action or in connection with an appeal therein if such director or officer acted, in good faith, for a purpose which he reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification will be available under Section 722(c) of the NYBCL in respect of a threatened or pending action which is settled or otherwise disposed of, or any claim as to which such director or officer shall have been adjudged liable to the corporation, unless and only to the extent that the court in which the action was brought, or, if no action was brought, any court of competent jurisdiction, determines, upon application, that, in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for such portion of the settlement amount and expenses as the court deems proper.
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Section 723 of the NYBCL specifies the manner in which payment of indemnification under Section 722 of the NYBCL or indemnification permitted under Section 721 of the NYBCL may be authorized by the corporation. It provides that indemnification may be authorized by the corporation. It provides that indemnification by a corporation is mandatory in any case in which the director or officer has been successful, whether on the merits or otherwise, in defending an action. In the event that the director or officer has not been successful or the action is settled, indemnification must be authorized by the appropriate corporate action as set forth in Section 723.
Section 724 of the NYBCL provides that, upon application by a director or officer, indemnification may be awarded by a court to the extent authorized. Section 722 and Section 723 of the NYBCL contain certain other miscellaneous provisions affecting the indemnification of directors and officers.
Section 726 of the NYBCL authorizes the purchase and maintenance of insurance to indemnify (1) a corporation for any obligation which it incurs as a result of the indemnification of directors and officers under the provisions of Article 7 of the NYBCL, (2) directors and officers in instances in which they may be indemnified by the corporation under the provisions of Article 7 of the NYBCL, and (3) directors and officers in instances in which they may not otherwise be indemnified by the corporation under the provisions of Article 7 of the NYBCL, provided the contract of insurance covering such directors and officers provides, in a manner acceptable to the New York State Superintendent of Financial Services, for a retention amount and for co-insurance.
The foregoing statements are subject to the detailed provisions of Sections 721-726 of the NYBCL and the Charter and Bylaws of Xerox Holdings Corporation and the Restated Certificate of Incorporation.
Articles of Incorporation
The Charter of Xerox Holdings Corporation contains no indemnification provisions.
Bylaws
The Bylaws of Xerox Holdings Corporation provide that the corporation shall indemnify any person made or threatened to be made a party in any civil or criminal action or proceeding, including an action or proceeding by or in the right of the corporation to procure a judgment in favor of the corporation or by or in the right of any other corporation of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan or other enterprise, which any director or officer of the corporation served in any capacity at the request of the corporation, by reason of the fact that he or her, his or her testator or intestate is or was a director or officer of the corporation or serves or served such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, in any capacity, against judgments, fines, penalties, amounts paid in settlement and reasonable expenses, including attorneys’ fees, incurred in connection with such action or proceeding, or any appeal therein, provided that no such indemnification shall be required with respect to any settlement unless the corporation shall have given its prior approval thereto. The Amended and Restated By-Laws of Xerox Holdings Corporation also give the covered persons the right to be paid advances of any expenses they incurred in connection with such action, suit or proceedings, consistent with the applicable law, and allow the corporation to extend rights to indemnification and advancement of expenses to such covered persons by resolutions of shareholders or directors or through an agreement, to the extent not expressly prohibited by law.
| Item 16. | Exhibits. |
See the “Exhibit Index,” which follows the signature pages to this registration statement and is herein incorporated by reference.
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| Item 17. | Undertakings. |
| (a) | The undersigned registrant hereby undertakes: |
| (1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
| (i) | To include any prospectus required by Section 10(a)(3) of the Securities Act; |
| (ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
| (iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the registration statement is on Form S-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement
| (2) | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
| (3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
| (4) | That, for the purpose of determining liability under the Securities Act to any purchaser: |
| (i) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
| (ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of the registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by |
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| reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
| (5) | That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
| (i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
| (ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
| (iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
| (iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
| (b) | The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
| (c) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |
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EXHIBIT INDEX
| * | Filed herewith. |
| ** | To be filed by post-effective amendment or pursuant to a Current Report on Form 8-K and incorporated herein by reference. |
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Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Norwalk, State of Connecticut, on January 20, 2026.
XEROX HOLDINGS CORPORATION
| By: | /s/ Steven J. Bandrowczak | |
| Name: | Steven J. Bandrowczak | |
| Title: | Chief Executive Officer and Director (Principal Executive Officer) |
Table of Contents
POWER OF ATTORNEY
KNOW ALL BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Steven J. Bandrowczak, Chuck Butler, John G. Bruno and Flor M. Colón as such person’s true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for such person in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement (or any registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto, and all documents in connection therewith, with the SEC, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that any said attorney-in-fact and agent, or any substitute or substitutes of any of them, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated. This document may be executed in counterparts that when so executed shall constitute one registration statement, notwithstanding that all of the undersigned are not signatories to the original of the same counterpart.
| Signatures |
Title |
Date | ||
| /s/ Steven J. Bandrowczak Steven J. Bandrowczak |
Chief Executive Officer and Director (Principal Executive Officer) |
January 20, 2026 | ||
| /s/ Chuck Butler Chuck Butler |
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
January 20, 2026 | ||
| /s/ William Twomey William Twomey |
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
January 20, 2026 | ||
| /s/ John G. Bruno John G. Bruno |
Director | January 20, 2026 | ||
| /s/ Tami A. Erwin Tami A. Erwin |
Director | January 20, 2026 | ||
| /s/ Priscilla Hung Priscilla Hung |
Director | January 20, 2026 | ||
| /s/ Scott Letier Scott Letier |
Director | January 20, 2026 | ||
| /s/ Nichelle Maynard-Elliott Nichelle Maynard-Elliott |
Director | January 20, 2026 | ||
| /s/ Edward G. McLaughlin Edward G. McLaughlin |
Director | January 20, 2026 | ||
| /s/ John J. Roese John J. Roese |
Director | January 20, 2026 | ||
| /s/ Amy Schwetz Amy Schwetz |
Director | January 20, 2026 | ||
Exhibit 5.1
|
601 Lexington Avenue New York, NY 10022 United States
+1 212 446 4800
www.kirkland.com
January 20, 2026 |
Facsimile: +1 212 446 4900 |
Xerox Holdings Corporation
401 Merritt 7
Norwalk, Connecticut 06851
| Re: | Registration Statement on Form S-3 |
Ladies and Gentlemen:
We are issuing this opinion in our capacity as special legal counsel to Xerox Holdings Corporation, a New York corporation (the “Company”), in connection with the filing by the Company of a Registration Statement on Form S-3 (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to the registration of up to $250,000,000 aggregate offering amount of (i) shares of the Company’s common stock, par value $1.00 per share (“Common Stock”), and (ii) warrants to purchase Common Stock (the “Warrants” and, together with the Common Stock, the “Securities”).
You have advised us that the Warrants will be issued pursuant to one or more warrant agreements (including a form of certificate evidencing the Warrants) (each, a “Warrant Agreement”) to be entered into by and between the Company and a bank or trust company named therein as the warrant agent (each, a “Warrant Agent”), in a form that will be filed as an exhibit to the Registration Statement or incorporated by reference therein.
In connection with this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we have deemed necessary for the purposes of this opinion, including (i) the organizational documents of the Company, (ii) minutes and records of the corporate proceedings of the Company with respect to the registration of the Securities and (iii) the Registration Statement and the exhibits thereto.
For purposes of this opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. We have also assumed the legal capacity of all natural persons, the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered, the authority of such persons signing on behalf of the parties thereto, other than the Company, and the due authorization, execution and delivery of all documents by the parties thereto, other than the Company. We have not independently established or verified any facts relevant to the opinions expressed herein, but have relied upon statements and representations of officers and other representatives of the Company and others as to factual matters.
We have also assumed that:
| (i) | the Registration Statement and any amendments thereto (including post-effective amendments) will have become effective under the Securities Act and will comply with all applicable laws at the time the Securities are offered or issued as contemplated by the Registration Statement; |
Austin Bay Area Beijing Boston Brussels Chicago Dallas Frankfurt Hong Kong Houston London Los Angeles Miami Munich Paris Philadelphia Riyadh Salt Lake City Shanghai Washington, D.C.
Xerox Holdings Corporation
January 20, 2026
Page 2
| (ii) | a prospectus supplement (the “Prospectus Supplement”) will have been prepared and filed with the Commission, along with any exhibits necessary under the rules and regulations of the Commission, describing the Securities offered thereby and will comply with all applicable laws; |
| (iii) | the Securities will be issued and sold in compliance with applicable federal and state securities laws and in the manner and for the consideration stated in the Registration Statement and the applicable Prospectus Supplement; |
| (iv) | the Securities will be issued and sold in the form and containing the terms set forth in the Registration Statement, the applicable Prospectus Supplement and the applicable Warrant Agreement, as applicable; |
| (v) | the Securities offered, as well as the terms of the applicable Warrant Agreement, as applicable, will not violate any law applicable to the Company or result in a default under or breach of any agreement or instrument binding upon the Company; |
| (vi) | the Company will have obtained any legally required consents, approvals, authorization and other orders of the Commission and any other regulatory authorities necessary to issue and sell the Securities being offered and to execute and deliver the applicable Warrant Agreement, as applicable; |
| (vii) | the Securities offered, as well as the terms of the applicable Warrant Agreement, as applicable, will comply with all requirements and restrictions, if any, applicable to the Company, whether imposed by any court or governmental or regulatory body having jurisdiction over the Company; |
| (viii) | a definitive distribution, purchase, underwriting, sales agency or similar agreement (each, a “Purchase Agreement”) with respect to any Securities offered or issued will have been duly authorized and validly executed and delivered by the Company and the other parties thereto; |
| (ix) | any Securities issuable upon conversion, exchange or exercise of any Securities being offered or issued will be duly authorized, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise by all necessary corporate or organizational action; |
| (x) | the certificates, if any, representing the Securities will have been duly authorized and validly executed and delivered by the Company and the other parties thereto; and |
| (xi) | the Company will receive at least par value for the Securities issued, as applicable. |
Based upon and subject to the qualifications, assumptions and limitations set forth herein, and having regard for such legal considerations as we have deemed relevant, we advise you that:
| 1. | When, as and if (a) the shares of Common Stock to be offered and sold by the Company have been duly authorized by appropriate corporate action of the Company and (b) such shares of Common Stock have been issued, sold and delivered against payment therefor in accordance with such authorization, the applicable Purchase Agreement and applicable law, or upon the exercise, conversion or other fulfillment of the terms of the applicable Securities that have been duly authorized, issued, paid for and delivered pursuant to the terms thereof, such shares of Common Stock will be validly issued, fully paid and non-assessable. |
Xerox Holdings Corporation
January 20, 2026
Page 3
| 2. | When, as and if (a) any series of Warrants has been duly authorized and duly established in accordance with the applicable Warrant Agreement and applicable law, (b) the appropriate corporate action has been taken by the Company to authorize the form, terms, execution and delivery of such Warrants and such Warrant Agreement, and such Warrants and such Warrant Agreement have been duly executed and delivered by the applicable Warrant Agent and the Company in accordance with such authorization, and (c) such Warrants have been duly executed, attested, issued, authenticated and delivered by such Warrant Agent and/or duly authorized officers of the Company against payment therefor in accordance with such authorization, such Warrant Agreement, the applicable Purchase Agreement and applicable law, such Warrants will constitute binding obligations of the Company enforceable against the Company in accordance with their terms. |
Our opinions expressed above are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of (i) any bankruptcy, insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law affecting the enforcement of creditors’ rights generally, (ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), (iii) public policy considerations which may limit the rights of parties to obtain certain remedies, and (iv) any laws except the laws of the State of New York.
We express no opinion with respect to the enforceability of (i) consents to, or restrictions upon, judicial relief or jurisdiction or venue; (ii) waivers of rights or defenses with respect to stay, extension or usury laws; (iii) advance waivers of claims, defenses, rights granted by law or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law or other procedural rights; (iv) waivers of broadly or vaguely stated rights; (v) provisions for exclusivity, election or cumulation of rights or remedies; (vi) provisions authorizing or validating conclusive or discretionary determinations; (vii) grants of setoff rights; (viii) provisions for the payment of attorneys’ fees where such payment is contrary to law or public policy; (ix) proxies, powers and trusts; (x) restrictions upon non-written modifications and waivers; (xi) provisions prohibiting, restricting or requiring consent to assignment or transfer of any right or property; (xii) any provision to the extent it requires any party to indemnify any other person against loss in obtaining the currency due following a court judgment in another currency; (xiii) provisions for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty; and (xiv) any rights to contribution or indemnification which may be violative of public policy underlying any law, rule or regulation (including federal or state securities law, rule or regulation) or the enforceability of any so called fraudulent conveyance or fraudulent transfer “savings clause” (and any similar provision in any other document or agreement) to the extent such provisions purport to limit the amount of the obligations of any party or the right to contribution of any other party with respect to such obligations.
To the extent that the obligations of the Company under any Warrant Agreement may be dependent on such matters, we assume for purposes of this opinion that the applicable Warrant Agent is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; that the applicable Warrant Agent is duly qualified to engage in the activities contemplated by the applicable Warrant Agreement; that the applicable Warrant Agreement has been duly authorized, executed and delivered by the applicable Warrant Agent and constitutes the legally valid and binding obligations of such Warrant Agent, enforceable against such Warrant Agent in accordance with its terms; that the applicable Warrant Agent is in compliance, generally and with respect to acting as Warrant Agent under the applicable Warrant Agreement, with all applicable laws and regulations; and that the applicable Warrant Agent will have at all times the requisite organizational and legal power and authority to perform its obligations under the applicable Warrant Agreement.
Xerox Holdings Corporation
January 20, 2026
Page 4
Our advice on every legal issue addressed in this opinion is based exclusively on the internal law of the State of New York, as currently in effect, and represents our opinion as to how that issue would be resolved were it to be considered by the highest court in the jurisdiction which enacted such law. The manner in which any particular issue relating to the opinions would be treated in any actual court case would depend in part on facts and circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it. This opinion is not intended to guarantee the outcome of any legal dispute which may arise in the future.
None of the opinions or other advice contained in this opinion considers or covers any foreign or state securities (or “blue sky”) laws or regulations.
This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. The Securities may be issued from time to time on a delayed or continuous basis, and this opinion is limited to the laws, including the rules and regulations, as in effect on the date hereof, which laws are subject to change with possible retroactive effect. This opinion speaks only as of the date hereof, and we assume no obligation to revise or supplement this opinion.
This opinion is furnished to you in connection with the filing of the Registration Statement and in accordance with the requirements of Item 601 of Regulation S-K promulgated under the Securities Act, and is not to be used, circulated, quoted or otherwise relied upon or otherwise referred to by any person for any other purpose.
Xerox Holdings Corporation
January 20, 2026
Page 5
We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. We also consent to the reference to our firm under the heading “Validity of the Securities” in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.
| Sincerely, |
| /s/ KIRKLAND & ELLIS LLP |
| KIRKLAND & ELLIS LLP |
Exhibit 21
List of Subsidiaries
Unless otherwise noted, a subsidiary is a company in which Xerox Holdings Corporation or a direct or indirect subsidiary of Xerox Holdings Corporation, or Xerox Corporation or a direct or indirect subsidiary of Xerox Corporation, as the case may be, holds 50% or more of the voting stock. The names of other subsidiaries have been omitted as they would not, if considered in the aggregate as a single subsidiary, constitute a significant subsidiary:
| Name of Subsidiary |
Jurisdiction of Incorporation or Organization | |
| Xerox Holdings Corporation | New York | |
| Sunshine Subsidiary Corp. | Delaware | |
| XHC Acquisition Corp. | Delaware | |
| Xerox Ventures LLC | Delaware | |
| Xerox Ventures Fund I LLC | Delaware | |
| Xerox Corporation | New York | |
| Alloy Acquisition Corp. LLC | Delaware | |
| CareAR Holdings LLC | Delaware | |
| CareAR, Inc. | Delaware | |
| MagicLens, Inc. | Delaware | |
| DocuShare LLC | Delaware | |
| XMPie, Inc. | Delaware | |
| XMPie, Ltd. | Israel | |
| Eloque Investor LLC | Delaware | |
| Metawave Corporation | Delaware | |
| Thin Films Electronics ASA | Norway | |
| Xerox Business Solutions, LLC | Delaware | |
| Chicago Office Technology Group, Inc. | Illinois | |
| ImageQuest, Inc. | Kansas | |
| ComDoc, Inc. | Ohio | |
| Saxon Business Systems, Inc. | Florida | |
| FITTLE LLC | Delaware | |
| Gyricon, LLC | Delaware | |
| Xerox IT Solutions, Inc. | Delaware | |
| Xerox IT Solutions LLC | Illinois | |
| Institute for Research on Learning | Delaware | |
| NewField Information Technology, LLC | Pennsylvania | |
| Pacific Services and Development Corporation | Delaware | |
| Powerland Computers Ltd. | Canada | |
| The Xerox Foundation | Delaware | |
| Xerox DNHC LLC | Delaware | |
| Xerox Equipment Limited | Bermuda | |
| Xerox Financial Services LLC | Delaware | |
| XFS Secured Borrowing 2020-1 LLC | Delaware | |
| Xerox Financial Services Holdings LLC | Delaware | |
| Xerox Financial Services International Limited | United Kingdom | |
| Xerox Financial Services Canada Holdings Limited | United Kingdom | |
| Xerox Foreign Sales Corporation | Barbados | |
| Xerox Healthcare LLC | Delaware | |
| Xerox Holdings, Inc. | Delaware | |
| Talegen Holdings, Inc. | Delaware | |
| Xerox Investments Europe B.V. | Netherlands |
| Xerox Trading Company | Saudi Arabia | |
| Xerox Equipment UK Limited (Dormant)* | United Kingdom | |
| Xerox Holdings (Ireland) Limited | Ireland | |
| Xerox (Europe) Limited | Ireland | |
| Xerox XF Holdings (Ireland) DAC | Ireland | |
| Xerox Israel Ltd. | Israel | |
| Xerox Middle East Investments (Bermuda) Limited | Bermuda | |
| Reprographics Egypt Limited (Dormant)* | Egypt | |
| Xerox Egypt S.A.E. | Egypt | |
| Xerox Finance Leasing S.A.E. | Egypt | |
| Xerox Maroc S.A.(under liquidation) | Morocco | |
| Xerox Products UK Limited | United Kingdom | |
| Xerox UK Holdings Limited | United Kingdom | |
| Triton Business Finance Limited (Dormant)* | United Kingdom | |
| Xerox Trading Enterprises Limited (Dormant)* | United Kingdom | |
| Xerox Overseas Holdings Limited | United Kingdom | |
| Xerox Business Equipment Limited (Dormant)* | United Kingdom | |
| Xerox Computer Services Limited (Dormant)* | United Kingdom | |
| Xerox Mailing Systems Limited (Dormant)* | United Kingdom | |
| Xerox Limited | United Kingdom | |
| Continua Limited | United Kingdom | |
| Continua Sanctum Limited | United Kingdom | |
| The Xerox (UK) Trust | United Kingdom | |
| Xerox AS | Norway | |
| Xerox Austria GmbH | Austria | |
| Xerox Leasing GmbH | Austria | |
| Xerox Business Services Bulgaria EOOD | Bulgaria | |
| Xerox Canada Inc. | Ontario | |
| Xerox Canada Ltd. | Canada | |
| 2409835 Alberta ULC | Canada | |
| Xerox Canada I Limited Partnership | Canada | |
| Xerox Business Solutions Canada ULC | Canada | |
| LaserNetworks Inc. | Canada | |
| Xerox Financial Services Canada ULC | Canada | |
| Xerox Financial Services Finland Oy | Finland | |
| Xerox Italia Rental Services Srl | Italy | |
| Xerox Finance Limited | United Kingdom | |
| Xerox Financial Services Danmark A/S | Denmark | |
| Xerox Financial Services B.V. | Netherlands | |
| Veenman Financial Services B.V. | Netherlands | |
| Xerox Financial Services Sverige AB | Sweden | |
| Xerox Financial Services Belux BV | Belgium | |
| Xerox Renting SLU | Spain | |
| CREDITEX—Aluguer de Equipamentos Lda. | Portugal | |
| Xerox Finance GmbH | Switzerland | |
| Xerox Capital (Europe) Limited | United Kingdom | |
| Xerox IBS NI Limited | Northern Ireland | |
| Xerox IBS Limited | Republic of Ireland | |
| Xerox (Ireland) Limited | Ireland | |
| Xerox AG | Switzerland | |
| Xerox A/S | Denmark | |
| Xerox Manufacturing (Nederland) B.V. | Netherlands | |
| Xerox (Nederland) BV | Netherlands | |
| Xerox Sverige AB | Sweden | |
| Xerox (UK) Limited | United Kingdom | |
| Go Inspire Group Limited | United Kingdom |
| GI Insight Limited (Dormant)* | United Kingdom | |
| GI Red Limited (Dormant)* | United Kingdom | |
| GI Solutions Holdings Limited (Dormant)* | United Kingdom | |
| GI Solutions Group Limited | United Kingdom | |
| GI Solutions Limited (Dormant)* | United Kingdom | |
| Eclipse Web Limited (Dormant)* | United Kingdom | |
| Eclipse (Kettering) Limited (Dormant)* | United Kingdom | |
| Eclipse Colour Print Limited | United Kingdom | |
| 4DMI Limited (Dormant)* | United Kingdom | |
| 4DM Holdings Limited (Dormant)* | United Kingdom | |
| 4DM Group Limited (Dormant)* | United Kingdom | |
| D L Marketing (Direct Link) Limited | United Kingdom | |
| Eclipse 4DM Limited (Dormant)* | United Kingdom | |
| Go Inspire Limited (Dormant)* | United Kingdom | |
| Altodigital Networks Limited | United Kingdom | |
| Platinum Digital Print Solutions Limited (Dormant)* | United Kingdom | |
| Arena Group Holdings Limited | United Kingdom | |
| Advanced Group Holdings Limited | United Kingdom | |
| Advanced Business Equipment Limited | United Kingdom | |
| Acorn Business Machines (Holmfirth) Ltd (Dormant)* | United Kingdom | |
| Arena Group Limited | United Kingdom | |
| Concept Group Limited | United Kingdom | |
| Copytrend Limited (Dormant)* | United Kingdom | |
| Docucentric Holdings Limited (Dormant)* | United Kingdom | |
| Business Systems (North Wales) Limited (Dormant)* | United Kingdom | |
| B 2 Business Systems Limited | United Kingdom | |
| Fovia (Innovation) Limited (Dormant)* | United Kingdom | |
| ITEC Connect Limited | United Kingdom | |
| Citrus Digital Limited (Dormant)* | United Kingdom | |
| Copyrite Business Solutions (Holdings) Limited (Dormant)* | United Kingdom | |
| Criterion IT Ltd. (Dormant)* | United Kingdom | |
| Copyrite Business Solutions Limited (Dormant)* | United Kingdom | |
| A B S Digital Limited (Dormant)* | United Kingdom | |
| Osprey Business Systems Limited (Dormant)* | United Kingdom | |
| Quilver Business Services Limited (Dormant)* | United Kingdom | |
| Mail A Doc Limited | United Kingdom | |
| Reflex Digital Solutions (UK) Ltd (Dormant)* | United Kingdom | |
| Stem Networks Limited (Dormant)* | United Kingdom | |
| Back2Business Limited (Dormant)* | United Kingdom | |
| Time Business Systems Limited (Dormant)* | United Kingdom | |
| Una-Stem Limited (Dormant)* | United Kingdom | |
| M & S Reprographics Limited (Dormant)* | United Kingdom | |
| Mitral Systems Limited (Dormant)* | United Kingdom | |
| Bessemer Trust Limited (Dormant)* | United Kingdom | |
| Text Comm Limited (in receivership) | United Kingdom | |
| Xerox Distributor Operations Limited (Dormant)* | United Kingdom | |
| Xerox Czech Republic s r.o. | Czech Republic | |
| Xerox Espana, S.A.U. | Spain | |
| Xerox Exports Limited (Dormant)* | United Kingdom | |
| Xerox Financial Services Norway AS | Norway | |
| Xerox Hellas S.A. | Greece | |
| Xerox Holding Deutschland GmbH | Germany | |
| Xerox GmbH | Germany | |
| Xerox Dienstleistungsgesellschaft GmbH | Germany | |
| Xerox Leasing Deutschland GmbH | Germany | |
| Xerox India Limited | India |
| Xerox Kazakhstan Limited Liability Partnership | Kazakhstan | |
| Xerox N.V. | Belgium | |
| Xerox Luxembourg SA | Luxembourg | |
| Xerox Oy | Finland | |
| Xerox Pensions Limited (Dormant)* | United Kingdom | |
| Xerox Polska Sp. z o. o | Poland | |
| Xerox Portugal Equipamentos de Escritorio, Limitada | Portugal | |
| Xerox Professional Services Limited | United Kingdom | |
| Xerox (Romania) Echipamente si Servicii S.A. | Romania | |
| Xerox S.A.S. | France | |
| Xerox Financial Services SAS | France | |
| Xerox Technology Services SAS | France | |
| Xerox Comércio e Indústria Ltda | Brazil | |
| Xerox Shared Services Romania SRL | Romania | |
| Xerox S.p.A. | Italy | |
| Xerox (Ukraine) Ltd LLC | Ukraine | |
| Xerox XHB Limited (Dormant)* | United Kingdom | |
| Xerox XIB Limited | United Kingdom | |
| XRO Limited (Dormant)* | United Kingdom | |
| Nemo (AKS) Limited (Dormant)* | United Kingdom | |
| XRI Limited (Dormant)* | United Kingdom | |
| RRXH Limited (Dormant)* | United Kingdom | |
| RRXO Limited (Dormant)* | United Kingdom | |
| RRXIL Limited (Dormant)* | United Kingdom | |
| Veenman B.V. | Netherlands | |
| Xerox Latinamerican Holdings, Inc. | Delaware | |
| Xerox Mexicana, S.A. de C.V. | Mexico | |
| Xerox Overseas, Inc. | Delaware | |
| XC Asia LLC | Delaware | |
| Xerox Foreign Holdings LLC | Delaware | |
| Xerox Canada N.S. ULC | Canada | |
| Xerox Servicios Compartidos Guatemala y Compañía Limitada | Guatemala | |
| XC Global Trading B.V. | Netherlands | |
| XC Trading Singapore Pte. Ltd. | Singapore | |
| Xerox Technology Services India LLP | India | |
| XC Trading Hong Kong Limited | Hong Kong | |
| XC Trading Japan G.K. | Japan | |
| XC Trading Malaysia Sdn. Bhd. | Malaysia | |
| XC Trading Shenzhen Co., Ltd. | China | |
| Xerox Realty Corporation | Delaware | |
| Xerox Trinidad Limited | Trinidad & Tobago | |
| XESystems Foreign Sales Corporation | Barbados | |
| Apex HK Holdings Limited | Hong Kong | |
| Apex KM Technology Limited | Cayman Islands | |
| Apex Swiss Holdings Sàrl | Switzerland | |
| Apex Tech Swiss Sàrl | Switzerland | |
| Aquamer Medical Corp. | Delaware | |
| CEEMARK—CS Limited | Jersey | |
| CEEMARK Limited | Jersey | |
| Ensurge Micropower ASA | Norway | |
| Euro Burotic S.A. | Belgium | |
| Kushner Locke, LLC | California | |
| Lexington Care, LLC | Delaware | |
| Lexington Tooling Corporation | Delaware | |
| Lexmark (Schweiz) AG | Switzerland | |
| Lexmark Asia Pacific Corporation, Inc. | Delaware |
| Lexmark Bilgi Islem Urunleri Ticaret Limited Sirketi | Turkey | |
| Lexmark Canada Inc. | Canada | |
| Lexmark Danmark Filial af Lexmark Nordic LLC | Denmark | |
| Lexmark Deutschland GmbH | Germany | |
| Lexmark España S.L. | Spain | |
| Lexmark Espana, LLC | Delaware | |
| Lexmark Europe Holding Company II, LLC | Delaware | |
| Lexmark Europe Technology Sàrl | Switzerland | |
| Lexmark Europe Trading Corporation, Inc. | Delaware | |
| Lexmark Financial Services, LLC | Delaware | |
| Lexmark Finland, Lexmark Nordic, LLC:n sivuliike Suomessa | Finland | |
| Lexmark Group Company Limited | Hong Kong | |
| Lexmark Handelsgesellschaft m.b.H. | Austria | |
| Lexmark Holdings Company Limited | Hong Kong | |
| Lexmark Information Technology (China) Co. Ltd. | China | |
| Lexmark Internacional, S.A. de C.V. | Mexico | |
| Lexmark International (ASIA) SARL | Switzerland | |
| Lexmark International (Australia) Pty Ltd | Australia | |
| Lexmark International (China) Limited | Hong Kong | |
| Lexmark International (India) Private Limited | India | |
| Lexmark International (Malaysia) Sdn. Bhd. | Malaysia | |
| Lexmark International (Singapore) Pte Ltd | Singapore | |
| Lexmark International (Thailand) Co., Ltd. | Thailand | |
| Lexmark International Czech s.r.o. | Czechia | |
| Lexmark International de Argentina, Inc. | Delaware | |
| Lexmark International de Chile Limitada | Chile | |
| Lexmark International de Mexico, S. de R.L. de C.V. | Mexico | |
| Lexmark International de Peru S.R.L. | Peru | |
| Lexmark International de Uruguay S.A. | Uruguay | |
| Lexmark International do Brasil Ltda. | Brazil | |
| Lexmark International Financial Services Designated Activity Company | Ireland | |
| Lexmark International Holdings I Sàrl | Switzerland | |
| Lexmark International Holdings II Sàrl | Switzerland | |
| Lexmark International II, LLC | Delaware | |
| Lexmark International K.K. | Japan | |
| Lexmark International Ltd | United Kingdom | |
| Lexmark International Middle East FZ LLC | United Arab | |
| Lexmark International N.V. | Belgium | |
| Lexmark International Netherlands B.V. | Netherlands | |
| Lexmark International Polska Sp. z o.o. | Poland | |
| Lexmark International Puerto Rico | Puerto Rico | |
| Lexmark International S.A.S. | France | |
| Lexmark International S.r.l. | Italy | |
| Lexmark International Serviços de Assistência e Marketing, Unipessoal, Lda. | Portugal | |
| Lexmark International Slovakia s.r.o. | Slovakia | |
| Lexmark International South Africa (PTY) Ltd | South Africa | |
| Lexmark International Technology Hungária Kft. | Hungary | |
| Lexmark International Technology II Sàrl | Switzerland | |
| Lexmark International Technology Romania Srl | Romania | |
| Lexmark International Technology Sàrl | Switzerland | |
| Lexmark International Trading Corp. | Delaware | |
| Lexmark International, Inc. | Delaware | |
| Lexmark Magyarország Kft. | Hungary | |
| Lexmark Mexico Holding Company, Inc. | Delaware |
| Lexmark Nordic, LLC | Delaware | |
| Lexmark Norge NUF (filial av utenlandsk foretak) | Norway | |
| Lexmark Receivables, LLC | Delaware | |
| Lexmark Research & Development Corporation | Philippines | |
| Lexmark S.A. Korea, Ltd. | Korea, Republic of | |
| Lexmark Ventures, LLC | Delaware | |
| Ontario Midland Railroad Corp. | New York | |
| Opto Generic Devices, Inc. | New York | |
| Pacesetter/MVHC, Inc. | Texas | |
| Solution Services Europe GmbH (Dormant)* | Germany | |
| Xerox Middle East and North Africa Regional Headquarters LLC | Saudi Arabia | |
| American Photocopy Equipment Company of Pittsburgh, LLC | United States of America | |
| Argentina Branch Lexmark International de Argentina, Inc. | United States of America | |
| Arizona Office Technologies, Inc. | United States of America | |
| Arvalstu komersanta Xerox Limited parstavnieciba | Latvia | |
| Australia Branch | New Zealand | |
| Beijing Branch of Lexmark | China | |
| Bessemer Insurance Limited | Bermuda | |
| Boise Office Equipment, Inc. | United States of America | |
| Capital Office Solutions, LLC | United States of America | |
| Carolina Office Systems, Inc. | United States of America | |
| Carr Business Systems, Inc. | United States of America | |
| Ceemark CS Slovakia SRO | Slovakia | |
| Chengdu Branch - SZ (S&M) | China | |
| Competitive Computing, Inc. | United States of America | |
| Connecticut Business Systems, LLC | United States of America | |
| Conway Technology Group, LLC | United States of America | |
| CTX Business Solutions, Inc. | United States of America | |
| Dahill Office Technology Corporation | United States of America | |
| Eastern Managed Print Network, LLC | United States of America | |
| Ecuador Branch of Lexmark | Ecuador | |
| Elan Marketing, Inc. | United States of America | |
| Electronic Systems, Inc. | United States of America | |
| EURL Lexmark Intl Algerie | Algeria | |
| FITTLE Canada Financial Services ULC | Canada | |
| GDP Technologies, Inc. | United States of America | |
| G-Five, Inc. | United States of America | |
| Global PR Corporation | United States of America | |
| Guangzhou Branch - SZ (S&M) | China | |
| Heritage Business Systems, Inc. | United States of America | |
| Inland Business Machines, Inc. | United States of America | |
| Integrity One Technologies, Inc. | United States of America | |
| Intradyn, Inc. | United States of America | |
| Lewan & Associates, Inc. | United States of America | |
| Lexmark Information Tech. (China) Co., Ltd. SHENZEN Branch | China | |
| Lexmark International Trading Corporation - Sucursal Colombia | Colombia | |
| Lexmark Intl Tech S.A. | China | |
| Lexmark Intl, Thailand Co., Ltd | Thailand | |
| Lexmark Ptr SZ Co Ltd PRC | China | |
| Lexmark Sverige | Sweden | |
| LRI, LLC | United States of America | |
| Luxembourg Branch | Luxembourg | |
| Lxk Int’l SG Phil Rep Off | Philippines | |
| MCP of California II, Inc. | United States of America | |
| Merizon Group Incorporated | United States of America | |
| Michigan Office Solutions, Inc. | United States of America | |
| Minnesota Office Technology Group, Inc. | United States of America | |
| Mr. Copy, Inc. | United States of America | |
| MRC Smart Technology Solutions, Inc. | United States of America | |
| MT Business Holdings, Inc. | United States of America | |
| MT Business Technologies, Inc. | United States of America | |
| MWB Copy Products, Inc. | United States of America | |
| Northeast Office Systems, LLC | United States of America | |
| Norway Branch of Lexmark | Norway | |
| Palo Alto Research Center Incorporated | United States of America | |
| Precision Copier Service, Inc. | United States of America | |
| Quality Business Systems, Inc. | United States of America | |
| R.K. Fixon Company | United States of America | |
| Rabbit Copiers, Inc. | United States of America | |
| Representative Office of Xerox Limited | Kazakhstan | |
| Shanghai Branch - SZ(S&M) | China | |
| SoCal Office Technologies, Inc. | United States of America | |
| Stewart Business Systems, LLC | United States of America | |
| Stewart of Alabama, Inc. | United States of America | |
| Sweden Branch of Lexmark | Sweden | |
| Taiwan Branch | Taiwan | |
| XC Global Trading B.V. Singapore Branch | Singapore | |
| Xerox (Europe) Limited – Sucursal | Portugal | |
| Xerox Bulgaria EOOD | Bulgaria | |
| Xerox Business Solutions Northeast, Inc. | United States of America | |
| Xerox Business Solutions Southeast, LLC | United States of America | |
| Xerox Emirates Limited Liability Company | UAE | |
| Xerox Limited Branch Office | UAE | |
| Zeno Office Solutions, Inc. | United States of America | |
| Zoom Imaging Solutions, Inc. | United States of America |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of Xerox Holdings Corporation of our report dated February 24, 2025 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in the Xerox Holdings Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
Stamford, Connecticut
January 20, 2026
1
Exhibit 23.2
Consent of Independent Auditor
We hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement of Xerox Holdings Corporation of our report dated February 28, 2025, relating to the consolidated financial statements of Lexmark International II, LLC, appearing in Xerox Holdings Corporation’s Current Report on Form 8-K/A filed on July 30, 2025.
We also consent to the reference to us under the caption “Experts” in the Prospectus.
| /s/ BDO USA, P.C. |
| Cincinnati, Ohio |
| January 20, 2026 |
Exhibit 23.3
Consent of Independent Auditor
We consent to the incorporation by reference in this Registration Statement on Form S-3 of Xerox Holdings Corporation of our report dated February 5, 2025, relating to the consolidated financial statements of ITsavvy Acquisition Company, Inc., appearing in the Current Report on Form 8-K/A filed by Xerox Holdings Corporation on January 20, 2026.
We also consent to the reference of our firm under the heading “Experts” in such Registration Statement.
/s/ RSM US LLP
Rockford, Illinois
January 20, 2026