Ideanomics Announces Receipt of Notice from Nasdaq Regarding Listing Delinquency

Rhea-AI Summary

On June 26, 2024, Ideanomics (NASDAQ: IDEX) received a notice from the Nasdaq Listing Qualifications department regarding its non-compliance with the Listing Rule 5550(b)(1). The company reported stockholders' equity below the required minimum of $2,500,000 for continued listing on Nasdaq, and it did not meet alternatives like market value of listed securities or net income from continuing operations.

This serves as an additional basis for delisting IDEX from Nasdaq. The Nasdaq Hearings Panel will review this matter and the company must present its views by July 3, 2024. Ideanomics is actively working to regain compliance and will provide updates as more information becomes available.

Positive

• None.

Negative

• Received Nasdaq notice for non-compliance with Listing Rule 5550(b)(1).
• Reported stockholders' equity below the required $2,500,000 minimum.
• Failed to meet alternatives like market value of listed securities or net income from continuing operations.
• Potential delisting from Nasdaq.

New York, NY, July 02, 2024 (GLOBE NEWSWIRE) -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") today announced that on June 26, 2024, the Company received a notice from the staff of the Nasdaq Listing Qualifications department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company’s Form 10-K for the fiscal year ended December 31, 2023, reported stockholders’ equity of less than the required minimum of $2,500,000 in stockholders’ equity for continued listing, and as of that day, the Company did not meet the alternatives of market value of listed securities or net income from continuing operations, the Company no longer complied with Listing Rule 5550(b)(1). Accordingly, this matter serves as an additional basis for delisting the Company’s securities from The Nasdaq Stock Market. 

The Nasdaq Hearings Panel (the “Panel”) will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Capital Market and the Company must present its views with respect to this additional deficiency to the Panel in writing no later than July 3, 2024. 

The Company is working diligently to regain compliance and will provide an update once more information is available. 

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 solutions 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

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.

Contacts:

Ideanomics, Inc.

Tony Sklar, SVP of Investor Relations

1441 Broadway, Suite 5116, New York, NY 10018

ir@ideanomics.com 

FAQ

Why did Ideanomics (IDEX) receive a notice from Nasdaq?

Ideanomics received the notice for non-compliance with Listing Rule 5550(b)(1) due to stockholders' equity being below the required $2,500,000 minimum.

What is Nasdaq Listing Rule 5550(b)(1)?

Nasdaq Listing Rule 5550(b)(1) requires companies to maintain a minimum of $2,500,000 in stockholders' equity for continued listing.

What alternatives did Ideanomics fail to meet for Nasdaq compliance?

Ideanomics failed to meet alternatives such as market value of listed securities or net income from continuing operations.

What is the deadline for Ideanomics to present its views to the Nasdaq Hearings Panel?

Ideanomics must present its views to the Nasdaq Hearings Panel in writing no later than July 3, 2024.

What are the implications of Ideanomics' non-compliance with Nasdaq listing requirements?

Non-compliance could result in the delisting of Ideanomics' securities from the Nasdaq Stock Market.