NEW YORK, June 11, 2020 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to
announce the second-stage of debt conversion, with the noteholders
of each of the senior secured convertible debentures, and
subordinated secured convertible debentures originally issued by
the company during 2019, representing approximately USD 10.6 Million owed to two NY-area funds, ID
Venturas and YA II PN. This comes on the back of last week's
announcement that the Company's Chairman and Vice-Chairman had each
converted their debt as part of the Company's plans to clean up its
balance sheet and reduce interest payments as it gears up for
growth. The effect of this has pushed out the average maturity on
remaining debt until mid-2021.
As part of its growth plans, Ideanomics, MEG, and Treeletrik are
currently expanding their management teams to take advantage of the
anticipated growth. Additionally, the company is finalizing plans
for a 10b5-1 program, which will allow management to enter the
market to purchase the company's stock at pre-determined intervals
and avoid concerns related to the possession of material non-public
information. 10b5-1 plans allow executives to notify the market
ahead of time about intentions to conduct purchase and sale
activities and in a regulatory compliant way with which to conduct
such transactions with full transparency to the market.
About Ideanomics
Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products. Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain. MEG and Ideanomics Capital provide our global customers
and partners with better efficiencies and technologies and greater
access to global markets.
The company is headquartered in New
York, NY, and has offices in Beijing and Qingdao,
China.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements". All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties, and include statements regarding our intention
to transition our business model to become a next-generation
financial technology company, our business strategy and planned
product offerings, our intention to phase out our oil trading and
consumer electronics businesses, and potential future financial
results. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company's actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of risks and
uncertainties, such as risks related to: our ability to continue as
a going concern; our ability to raise additional financing to meet
our business requirements; the transformation of our business
model; fluctuations in our operating results; strain to our
personnel management, financial systems and other resources as we
grow our business; our ability to attract and retain key employees
and senior management; competitive pressure; our international
operations; and other risks and uncertainties disclosed under the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
most recent Form 10-K and Form 10-Q filed with the Securities and
Exchange Commission, and similar disclosures in subsequent reports
filed with the SEC, which are available on the SEC website at
www.sec.gov. All forward-looking statements attributable to
the Company or persons acting on its behalf are expressly qualified
in their entirety by these risk factors. Other than as required
under the securities laws, the Company does not assume a duty to
update these forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
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SOURCE Ideanomics