NEW YORK, Sept. 25, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Ideanomics, Inc. ("IDEX" or the "Company") (NASDAQ: IDEX) in connection with the September 4, 2020, Standby Equity Distribution Agreement ("SEDA") with Yorkville Advisors ("Yorkville"). Under the terms of the SEDA, Yorkville will purchase an aggregate of up to $150 million of the Company's common stock over a period of 36 months. The SEDA shares will be purchased at 90% of IDEX's market price, calculated as the lowest daily volume weighted average price of the Company's common stock during the five consecutive trading days period following the delivery of an agreed-upon notice to Yorkville.
If you own IDEX shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether IDEX's board acted in the best interest of IDEX's common stockholders by agreeing to the SEDA and whether all material information regarding the process leading to the SEDA and valuation of the deal is fully and fairly disclosed to IDEX shareholders in the September 18, 2020 definitive proxy statement.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
SOURCE WeissLaw LLP