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Subsequent Events
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Fourth Amendment to Secured Convertible Debenture Purchase Agreement

On July 14, 2023, the Company entered into the Fourth Amendment to the SDPA, as previously amended (the “Fourth Amended SDPA”) with YA II PN, which further amended the Original SDPA, and simultaneously consummated the sale to the Investor of a new Secured Convertible Debenture (the “Fifth Debenture”) in a private placement pursuant to the SDPA for a purchase price of $1.5 million. Upon the terms and subject to the conditions contained in the Amended SDPA and Fourth Debenture, the Company promises to pay to YA II PN $1.9 million on November 1, 2023, (a) subject to earlier redemption at the Company’s option (upon payment of a redemption premium of 20% of the principal amount being redeemed or paid), and (b) subject to acceleration at the holder’s option upon an event of default described in the Indenture. The Company will also pay interest on outstanding principal of the Fifth Debenture at an interest rate of eight percent (8%), provided that such interest rate shall be increased to 18% upon an event of default.

Fiducia Stock Purchase Agreement Closure

On July 25, 2023, the Company, signed and closed the Fiducia Stock Purchase Agreement as executed on May 1, 2023. At the closing, the Buyer delivered to the Seller Parties (i) the Purchase Price minus (1) the $250,000 outstanding under the Secured Debenture Purchase Agreement, dated as of October 25, 2022, by and between the Parent and YA II PN, minus (2) the $1,400,000 outstanding under the secured debenture, dated as of March 30, 2023, by and between the Company and YA II PN, minus (3) $750,000 outstanding under the secured debenture, dated as of April 17, 2023, by and between the Company and YA II PN, (4) $600,000 payment, and minus (4) any applicable taxes.

Preferred Shares Assignment Agreement

On August 7, 2023, the Company entered a Settlement Agreement where YA II PN has agreed to acquire from Acuitas all of its (a) shares (the “Preferred Shares”) of Series B Convertible Preferred Stock in the Company, consisting of 6.0 million shares of Preferred Shares with an aggregate Series B Original Issue Price of $6.0 million as of the date hereof and accrued but unpaid dividends of $445,480.94 as of August 1, 2023, and (b) rights (but none of the obligations) under the Acuitas Stock Purchase Agreement. In executing the agreement YA II PN shall pay to Acuitas Capital the total of $2.5 million. This agreement resolves the action against Ideanomics in which Acuitas Capital alleged that Ideanomics had breached the SPA and sought certain relief, including a preliminary injunction. As of the date of this filing, YA II PN held $3 million of the remaining Series B Original Convertible Preferred Stock.

Ideanomics Reverse Stock Split

On August 22, 2023, the Company filed a Certificate of Change with the Nevada Secretary of State to effect a reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.001 per share, at a ratio of 1-for-125. Accordingly, all references to numbers of common shares and per-share data in the accompanying financial statements have been adjusted to reflect the stock split on a retroactive basis.

The Company is effecting the Reverse Stock Split to satisfy the $1.00 minimum bid price, as set forth in Nasdaq Listing Rule 5550(a)(2), for continued listing on The Nasdaq Capital Market. As previously disclosed, on April 20, 2023, the Company was notified by the Listing Qualifications Staff of Nasdaq that the Company did not meet the minimum closing bid price requirement of $1.00 for continued listing, as set forth in Nasdaq Listing Rule 5550(a)(2), as the Staff determined that as of April 19, 2023, the Company’s securities had a closing bid price of $0.10 or less for ten consecutive trading days, from April 5 through April 19, 2023. Also, as previously disclosed, the Staff determined that the Company was eligible for two (2) consecutive 180-day periods to attempt to regain compliance with the Rule. To regain compliance with the Rule, the closing bid price of the Company's Common Stock must be at least $1.00 per share for a minimum 10 consecutive business days.

The Reverse Stock Split will be effective at 12:01 am, Eastern Time, on August 25, 2023.