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.
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.