Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (“EV”), has been granted an additional 180 days to comply with the NASDAQ minimum-bid price requirement; IDEX was notified by NASDAQ that it has until May 15, 2023, to meet the bid price rule. In addition, the company announced that it has secured $20 million in funding, with the potential for an additional $20 million; the company anticipates using those funds to support its EV and charging business activities. According to the announcement, those activities include increased manufacturing and assembly capacity, enhanced sales and distribution capabilities, and accelerated new product development facilitated in part through Energica, Solectrac, Treeletrik, U.S. Hybrid and WAVE, the company’s subsidiaries. “The entire EV industry is facing challenging headwinds,” says Ideanomics CEO Alf Poor in the press release. “Our ability to attract capital stems from our strong performance, which I believe will ultimately become reflected in our share price. We are outperforming many of our direct competitors when it comes to revenue generation, manufacturing and distribution.”
To view the full press release, visit https://ibn.fm/8q43J
About Ideanomics Inc.
Ideanomics is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles, charging and financing solutions under one roof, the company becomes the one-stop partner needed to simplify the transition to and operation of any EV fleet. For more information about the company, please visit www.Ideanomics.com.
NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://ibn.fm/IDEX
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