Ideanomics, Inc. (NASDAQ:IDEX (NYSE:IEX)), a global company focused on facilitating the adoption of commercial electric vehicles and developing financial services and fintech products, has entered into several significant financial agreements, according to its latest SEC filing today.
The company has amended and restated a promissory note with Tillou Management, promising to repay a principal amount of $7.86 million, which includes an additional $600,000 advance. The repayment plan is structured in weekly installments based on net proceeds from a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD. The note carries a 16% annual interest rate and allows for prepayment without penalty.
In connection with the promissory note, Ideanomics issued a Warrant to Purchase Common Stock to Tillou, enabling the purchase of up to 2,006,804 shares at $0.9871 per share. The warrant includes a "demand" registration right and is exercisable until July 1, 2029.
Furthermore, Ideanomics completed the sale of a new Secured Convertible Debenture to YA II PN, Ltd., for $898,032. This debenture carries an 8% interest rate, which can increase to 18% upon an event of default, and is convertible into common stock at a price lower than the market rate. The proceeds are earmarked for audit, tax, and legal fees related to the company's public filings.
Lastly, the company has entered into a Warrant to Purchase Shares with NFS Leasing, Inc., for the purchase of up to 842,700 shares at $0.89 per share, exercisable until April 12, 2027.
In other recent news, Ideanomics has made significant financial adjustments. The company has increased its loan agreement with Tillou Management and Consulting LLC, raising the principal amount to $7,217,095. This change includes a new $3,000,000 advance and consolidates previous unpaid fees and expenses. Ideanomics has also amended its Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD., enhancing its option to sell up to 10,000,000 shares of common stock during the commitment period.
These recent developments are part of Ideanomics' ongoing strategic and financial planning, as disclosed in the company's recent SEC 8-K filing. Alongside these financial maneuvers, Shane McMahon, Executive Chairman of Ideanomics, has been granted up to 7,217,095 shares of common stock, related to the compensatory arrangements of the Tillou Promissory Notes.
In parallel, Ideanomics' subsidiary, Solectrac, is shifting its business strategy towards direct-to-consumer sales and forming strategic partnerships. Solectrac is actively involved in the Clean Off-Road Equipment Voucher Incentive Project in California, having sold over 60 electric tractors through this initiative. Furthermore, the company is participating in a yearlong pilot program with the North Carolina Zoo, aimed at reducing greenhouse gas emissions. These recent developments underline Solectrac's commitment to sustainability and its ambition to lead the shift towards eco-friendly alternatives in agriculture and utility operations.
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