Ideanomics announces spin-out of its JUSTLY and Timios subsidiaries
NEW YORK, Oct. 27, 2022 /PRNewswire/ — Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), has begun the process to spin-out JUSTLY and Timios.
“As part of our previously communicated strategic focus on the EV market, we have taken the decision to spin out the fintech businesses which do not support our EV businesses. This decision delivers back to the shareholders the true value of these businesses as they transition outside the Ideanomics family. We have received interest in the sale of these businesses but felt the optimal path was to spin them out of Ideanomics, the process for which will begin this year and extend into 2023. Communicating this as we begin the process allows the valued staff, customers, and partners of these businesses to work together for their successful future outside of Ideanomics said Alf Poor, Ideanomics CEO Ideanomics. “Our shareholders can feel confident that Ideanomics is moving forward with 100% clarity of purpose, applying our people and capital towards offering the best overall value proposition in the EV space and, ultimately, winning more customers.”
JUSTLY and Timios each have a strong track record of delivery with talented management and staff. The spin-out will enable the two companies to grow faster and capture new market opportunities, which would have been limited as part of the Ideanomics group.
Spinning out JUSTLY and Timios is part of Ideanomics’ established strategy to exit from non-core market segments, further honing its portfolio and enabling better, faster delivery of its growth ambitions in the EV market. This includes Ideanomics’ recently announced plans to restructure its operations in China, and to incorporate Medici under Ideanomics’ U.S Hybrid subsidiary.
Ideanomics’ streamlined and focused corporate structure will benefit customers, positioning the company as the go-to partner for navigating the complexities of fleet electrification. Central to the company’s differentiated value proposition is the unique ability to offer end-to-end EV and charging solutions to commercial customers. Additionally, Ideanomics’ deep bench of industry experts will partner with customers on front-end planning to ensure optimal EV and charging infrastructure deployment.
Looking ahead, Ideanomics will be laser focused on growing EVs sales in the on-highway, off high-way and two-wheeler markets, as well as accelerating the commercialization of high-value charging infrastructure products. This includes, for example, advanced wireless charging and containerized charging solutions from Ideanomics Energy, which are transformative, leapfrog technologies that can unleash the full potential of electric fleets. With the proposed acquisition of VIA motors, Ideanomics will be able to ramp up production of VIA’s proprietary, modular skateboard platform, along with synergistic collaboration within the Ideanomics group.
Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. Through its three verticals, Mobility, Energy and Capital, the company provides turnkey commercial electrification solutions for customers, no matter where they are on their electrification journey.
About Ideanomics
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging, and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit http://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
Theodore Rolfvondenbaumen, Communications Director
Trolfvondenbaumen@ideanomics.com
SOURCE Ideanomics
