NEW
YORK, Aug. 23, 2023 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the
"Company"), announced today that its Board of Directors has
approved a reverse stock split of its common stock, par value
$0.001 per share (the "Common Stock")
at a ratio of 1-for-125 (the "Reverse Stock Split"). The Reverse
Stock Split is expected to become effective on August 25, 2023 (the "Effective Date"), and the
shares are expected to begin trading on the split-adjusted basis on
the Nasdaq under the Company's existing trading symbol "IDEX" at
market open on August 25, 2023, upon
Nasdaq's approval. The new CUSIP number following the Reverse Stock
Split will be 45166V205.
The Reverse Stock Split is primarily being enacted to regain
compliance with the $1.00 minimum bid
price required for continued listing on The Nasdaq Capital Market
under Nasdaq Listing Rule 5550(a)(2).
Under Nevada Revised Statutes ("NRS") Section 78.207, the
Company may decrease its authorized shares of Common Stock and
correspondingly decrease the number of issued and outstanding
shares of Common Stock by resolution adopted by the Board of
Directors, without obtaining the approval of the stockholders. The
Reverse Stock Split will be affected by the Company filing a
Certificate of Change (the "Certificate") pursuant to NRS Section
78.209 with the Secretary of State of the State of Nevada on the Effective Date. As a
result of the filing of the Certificate, the number of shares of
the Company's authorized Common Stock will be reduced from 1.5
Billion shares to 12 million shares and the issued and outstanding
number of shares of the Common Stock will be correspondingly
decreased.
On the Effective Date, the total number of shares of Common
Stock held by each stockholder of the Company will be converted
automatically into the number of shares of Common Stock equal to
(i) the number of issued and outstanding shares of Common Stock
held by each such stockholder immediately prior to the Reverse
Stock Split, divided by (ii) 125, with such resulting number of
shares rounded up to the nearest whole share. The Company will
issue one whole share of the post-Reverse Stock Split Common Stock
to any stockholder who otherwise would have received a fractional
share as a result of the Reverse Stock Split. As a result, no
fractional shares will be issued in connection with the Reverse
Stock Split and no cash or other consideration will be paid in
connection with any fractional shares that would otherwise have
resulted from the Reverse Stock Split.
The Reverse Stock Split has no effect on the par value of the
Company's Common Stock or authorized shares of preferred stock.
Immediately after the Reverse Stock Split, each stockholder's
percentage ownership interest in the Company and proportional
voting power will remain unchanged, except for minor changes and
adjustments that will result from the treatment of fractional
shares. The rights and privileges of the holders of shares of
Common Stock will be substantially unaffected by the Reverse Stock
Split.
Stockholders who are holding their shares in electronic form at
brokerage firms do not need to take any action, as the effect of
the Reverse Stock Split will automatically be reflected in their
brokerage accounts. Stockholders holding paper certificates may
(but are not required to) send the certificates to the Company's
transfer agent and registrar, Transfers Online. Transfer Online
will issue a new stock certificate reflecting the Reverse Stock
Split to each requesting stockholder.
About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple
mission: to accelerate the commercial adoption of electric
vehicles. By bringing together vehicles and charging technology
with design, implementation, and financial services, we provide the
completeness of solutions needed for the commercial world to commit
to an EV future. To keep up with Ideanomics, please follow the
company on social @ideanomicshq or
visit https://ideanomics.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. 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 the statement
regarding the completion of the business combination within a
certain period of time, if ever. 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 obtain
necessary regulatory approvals 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.
Contacts:
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com
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SOURCE Ideanomics