NEW YORK, Nov. 18, 2022 /PRNewswire/ -- Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that it has received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the company has been granted an additional 180 calendar day period for compliance under its minimum bid price requirement under Listing Rule 5550(a)(2) (the "Bid Price Rule") through May 15, 2023.
In keeping with the commitments made during our third quarter investor call, Ideanomics also announces that it has secured $20 million in additional funding, and a potential follow-on of an additional $20 million, the details of which will be filed under form 8-k. The money will be used to support the growth of Ideanomics' EV and charging business activities in the U.S. and the EU, which account for an increasing share of the company's topline revenue.
"The entire EV industry is facing challenging headwinds," says Alf Poor, CEO of Ideanomics. "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."
Further validating the strength of Ideanomics' brand and products, the company recently secured third-party financing to support the expansion of Solectrac's certified dealer network. This model is being applied to other subsidiaries and is one of the most capital-efficient ways to enable faster growth.
Looking ahead, Ideanomics will continue to increase manufacturing and assembly capacity, enhance sales and distribution capabilities and accelerate new product development across its three main verticals Ideanomics Mobility, subsidiaries Energica, Solectrac, Treeletrik, U.S. Hybrid and WAVE. Ideanomics is also ramping up its Energy business unit, which offers turn-key charging solutions and a "Charging-as-a-Service" subscription model.
Ideanomics is solving the complexity of fleet electrification, offering fleet operators everything they need to electrify faster, easier and more affordably all in one place.
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging, and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company's ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company's filings with the SEC. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, without limitation, the Company's most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.
Tony Sklar, SVP of Investor Relations
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Theodore Rolfvondenbaumen, Communications Director