Ideanomics (IDEX) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 30, 2024, the Company finalized a private sale of a new Secured Convertible Debenture to YA II PN, Ltd. for $1,500,000, which promises a payback of $1,800,000 on February 29, 2024, with an 8% interest rate that increases to 18% upon default. The debenture can be converted into common stock at a price subject to certain conditions, including a “buy-in” clause for late conversions and a “blocker” provision to prevent ownership exceeding 4.99%. Proceeds will support the operations of the Company’s subsidiary, Wireless Advanced Vehicle Electrification LLC.
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For a comprehensive understanding of the announcement, you can read the full document here.
