2021-08-04 IDEANOMICS, INC. Cybersecurity Incident

Page last updated on April 11, 2024

IDEANOMICS, INC. initially disclosed a cybersecurity incident in an SEC 8-K filing on 2021-08-04 16:06:48 EDT.

Incident Details

Material: Unknown
Is Breach: Unknown
Records Compromised: Unknown
Data Types Impacted: No Data Types Tracked (yet)

Compromised Date:
Detected Date:
Disclosure Date: 2021-08-04
Contained Date:
Recovered Date:

Attack Goal: Unknown

Costs: No Costs Tracked (yet)

Filings

8-K filed on 2021-08-04

IDEANOMICS, INC. filed an 8-K at 2021-08-04 16:06:48 EDT
Accession Number: 0001104659-21-100065

Item 8.01 Other Events.

On July 29, 2021, the Company entered into an Investment Agreement with Prettl Electronics Automotive GMBH (the “Investment Agreement”), a limited liability company under the laws of Germany (“Prettl”). Pursuant to the Investment Agreement the Company agreed to invest $9,000,000 in exchange for a 30% ownership in Prettl. Prettl is a business unit within the Prettl Group, a large German industrial company that manufactures and distributes components and systems for the automotive, energy, and electronics industries. In connection with the Investment Agreement, the Company entered into a Shareholders’ Agreement with Prettl and Prettl Electronics GmbH (the “Shareholders Agreement”, together with the Investment Agreement, referred to collectively herein as the “Agreements”). The Company will also receive exclusive sales and distribution rights for Prettl charging infrastructure products and solutions in North America. Alfred Poor, Chief Executive Officer of the Company will join Prettl’s Board of Directors. The Agreements contain customary representations, warranties, covenants, indemnities, information rights, transfer restrictions and anti-dilution rights of the parties.

On August 2, 2021, the Company issued a press release announcing the Agreements. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.

The Company’s subsidiary, Timios Holdings Corp. (“Timios”) experienced a systems outage that was caused by a cybersecurity incident. Timios has engaged leading forensic information technology firms and legal counsel to assist its investigation into the incident and is working around the clock to get its system back up as quickly as possible. Although Timios is actively managing this cybersecurity incident, it has caused and may continue to cause a delay or disruption to parts of Timios’ business, including its ability to perform its mortgage title, closing and escrow services offerings. The Company is in the early stages of assessing the financial impact of the incident. Based on the information currently known, the Company is unable to predict at this time whether revenues will be materially impacted by this attack.

Company Information