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NEW YORK - Ideanomics, Inc. (NASDAQ:IDEX (NYSE:IEX)), a company traditionally associated with electric vehicle and fintech sectors, has finalized the sale of substantially all of its assets following a Chapter 11 bankruptcy filing. The transaction was completed on Thursday, resulting in the departure of key executives.
The sale was authorized by a February 26, 2025, court order and involved the transfer of assets to Tillou Management and Consulting LLC. The terms included the assumption of certain liabilities, payment of encumbrances, and a credit bid. No proceeds from the sale will be distributed to Ideanomics’ shareholders, as the funds were used to repay obligations under a debtor-in-possession loan agreement with the purchaser, which is now considered settled.
Consequent to the sale, Shane McMahon resigned from his positions as Director and Executive Chairman of the Board on Thursday. Additionally, the company terminated the employment of Ryan Jenkins, the Chief Financial Officer. The remaining operations of Ideanomics will be managed by CEO Alfred P. Poor, primarily through a transition services agreement with the purchaser and other services provided by Poor.
The inability to provide pro forma financial information without unreasonable effort or expense was noted, indicating the company is not in a position to present updated financial statements reflecting the sale’s impact.
This development marks a significant restructuring for Ideanomics, as it winds down its business operations and transitions management following its bankruptcy proceedings. The information for this article is based on a press release statement.
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