Item 1.01 Entry into a Material Definitive Agreement.
On January 24, 2020, Ideanomics, Inc. (the "Company") entered into an agreement
(the "Agreement") with Qingdao Xingyang City Investment ("Qingdao") in which
Qingdao agreed to invest, pursuant to an installment plan, in the Company's
subsidiary, Qingdao Mobile New Energy Vehicle Sales Co. Ltd. ("Mobile"), an
aggregate of potentially 200 million RMB as registered capital with an initial
investment of 50 million RMB (approximately $7.2 million). The Company and
Qingdao also agreed to jointly establish Mobile to engage in electric commercial
vehicle sales. Pursuant to the Agreement Qingdao agreed that within 10 days
after the completion of the establishment of Mobile Qingdao would invest 50
million RMB as the first installment and, once Mobile starts operation , an
additional 50 million RMB as registered capital for each 10 billion RMB sales
revenue realized by Mobile or for each 10 billion RMB increase in the market
value of Mobile. Once Mobile achieves 30 billion RMB or its market value reaches
30 million RMB Qingdao will pay the 200 million RMB in full as registered
capital. Qingdao will receive a 10% equity interest in Mobile for the full
investment of 200 million RMB.
The foregoing description of the Agreement is not purported to be complete and
is qualified in its entirety by reference to the complete text of such agreement
which will be filed as an exhibit to a Form 10-K of the Company, as required.
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