Ideanomics Inc (NASDAQ: IDEX) said Friday that it intends to respond with “all means possible” to the “coordinated attack” on the company's credibility in order to financially profit from a drop in the company's share price.
Ideanomics, headquartered in New York with offices in Beijing and Qingdao, responded forcefully to an analyst note from J Capital Research and Hindenburg Research.
“The company refutes entirely the claims that it has less than three months operating cash. On the contrary, the company has sufficient cash to maintain its current operations for at least 12 months,” said the company in a statement.
Ideanomics stock plunged nearly 32.8% to $1.64 in recent trading.
Ideanomics is focused on monetizing the adoption of commercial electric vehicles and developing next-generation financial services and fintech products. The company said it saw a "tremendous future" for the hydrogen fuel cell vehicle (H2FCV) and battery electric vehicle (BEV) industries.
The company said this is borne out in its "recent orders and fulfilments."
“Our sales center in Qingdao, along with our partners (including the City of Qingdao, a 10% owner of our subsidiary in Qingdao), has a free rental agreement backed by local government for up to 15 years and for up to 100,000 square meters,” said the company.
Ideanomics also told investors that the Qingdao Sales Center would be rebranded as the MEG Center by July 1.
The company urged investors to focus on its press releases, earnings and SEC filings which can be found at: https://investors.ideanomics.com/.
Completes big electric vehicles order
In separate news, Ideanomics said that its Mobile Energy Global (MEG) division’s subsidiary, Qingdao Ai Neng Ju New Energy Sales Company, based at its Qingdao electric vehicle hub had completed a big order from the Tianjin Zhongcheng Jiaye Automobile Trading Company.
“In addition to the physical vehicle delivery, the financing, licensing, insurance, and vehicle registration plate administration are all complete,” said the company in a statement.
With the completion of the order, MEG has issued a tax invoice to Tianjin Zhongcheng. Just to recap, the 42 electric vehicles order was valued at 31 million renminbi ($4.4 million), or around $100,000 per vehicle.
The company said the order was fulfilled with Toyota Land Cruiser models and delivery was completed in the past few days.
-- Adds Qingdao Sales Center rebranding --
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