Ideanomics (IDEX) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 25, 2024, the Company issued a new Secured Convertible Debenture to YA II PN, Ltd. for $750,000, with a promise to pay $900,000 by May 27, 2024, subject to terms including an 8% interest rate, and higher upon default. This debenture can be converted into common stock at the lower of a fixed or variable price, subject to certain conditions and limitations, including a conversion cap of 4.99% ownership. Proceeds were allocated to expenses of the Company’s subsidiary, Wireless Advanced Vehicle Electrification LLC.
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