SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Entry into a Material Definitive Agreement.
Agreement between Tree Technologies SDN BHD and PT Pasifik Sakti Enjinring
On April 14, 2021, Tree Technologies SDN BHD (“Tree”), an electric vehicles maker incorporated in Malaysia and a 51% owned subsidiary of Ideanomics, Inc. (“Ideanomics”), entered into an Agent Agreement (the “Agreement”) with PT Pasifik Sakti Enjinring (“PSE”) pursuant to which Tree has agreed to supply up to 200,000 units of its 100% electric motorbikes to Indonesia through PSE, its exclusive distributor, during a 3 year term. The Agreement set a sales target of up to 10,000 units in 2021, 90,000 units in 2022 and 100,000 units in 2023. Either Tree or PSE may terminate this Agreement at any time by giving the other party not less than six (6) months prior written notice. The price of each unit will be $1,372.06. PSE has agreed to make payment to Tree via an irrevocable letter of credit from bank(s) as determined by Tree.
Ideanomics issued a Press Release on April 14, 2021 announcing the Agreement, a copy of which is filed herewith as Exhibit 99.1 to this Current Report on Form 8-k and is incorporated by reference herein.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
|Item 9.01||Financial Statements and Exhibits|
|10.1||Agent Agreement between Tree Technologies SDN BHD and PT Pasifik Sakti Enjinring, dated April 14, 2021|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: April 14, 2021||By:||/s/ Alfred Poor|
|Title:||Chief Executive Officer|