Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 1, 2024

EBIX, INC.

(Exact name of registrant as specified in its charter)

Delaware

0-15946

77-0021975

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


1 Ebix Way, Johns Creek, Georgia		30097
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (678) 281-2020

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.10 par value per share ^*

EBIXQ*

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

On December 28, 2023, the Nasdaq Stock Market LLC (“Nasdaq”) suspended trading of Ebix, Inc. common stock, par value $0.10 per share (“Common Stock”). Nasdaq filed a Form 25 with the U.S. Securities and Exchange Commission on February 15, 2024 to delist the Common Stock from the Nasdaq Stock Market, effective at the opening of the trading session on February 26, 2024. The deregistration of the common stock under Section 12(b) of the Securities Exchange Act of 1934 will be effective 90 days, or such shorter period as the U.S. Securities and Exchange Commission may determine, after filing of the Form 25-NSE. Our common stock currently trades on the OTC Pink Marketplace maintained by the OTC Markets Group, Inc. under the symbol “EBIXQ.”

Item 7.01

Regulation FD Disclosure

On April 1, 2024, Ebix, Inc. (the “Company”) issued a press release announcing that the Securities and Exchange Commission (the “SEC”) has concluded its investigation of the Company and does not intend to recommend any further actions against the Company. The SEC launched its non-public investigation in response to the resignation of the Company’s former auditor and a report issued by Hindenburg Research.

The Company also announced that the United States Court of Appeals for the Second Circuit has affirmed the dismissal, with prejudice, of all the pending securities fraud claims against Ebix and its officers, filed in the United States District Court for the Southern District of New York (SDNY). This class action suit - Ebix, Inc. (“Ebix”) vs. Rahul Saraf (the “Plaintiff”), was filed in the SDNY after the resignation of the Company’s former auditor and the subsequent report issued by Hindenburg Research. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.


Exhibit Number		Description

99.1		Ebix, Inc. Press Release, dated April 1, 2024

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: April 1, 2024

	EBIX, INC.

	By:	/s/ Amit Kumar Garg
	Name:	Amit Kumar Garg
	Title:	Chief Financial Officer

Exhibit 99.1

LOGO

Ebix Reports Conclusion of SEC Investigation and Dismissal of All Pending Securities Claims Against

Ebix and its Officers in United States District Court for the Southern District of New York (SDNY)

Johns Creek, G.A. – April 1, 2024 – Ebix, Inc. (OTC: EBIXQ) a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare, and e-learning industries, announced today that the Securities and Exchange Commission (SEC) has concluded its investigation of Ebix and officially communicated that it does not intend to recommend an enforcement action by the SEC against Ebix. This non-public investigation was carried out by the SEC in response to the RSM resignation and the subsequent Hindenburg short report.

In another event, Ebix also announced that it has won the Second Circuit appeal in the United States District Court for the Southern District of New York (SDNY), with all the pending securities fraud claims against Ebix and its officers, filed in the SDNY being dismissed with prejudice and the dismissal affirmed on appeal. This class action suit - Ebix, Inc. (“Ebix”) vs. Rahul Saraf (the “Plaintiff”), was filed in the SDNY after the RSM resignation and the subsequent Hindenburg short report.

About Ebix, Inc.

With approximately 200 offices across 6 continents, Ebix, Inc., (OTC:EBIXQ) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel, and healthcare industries.

With a “Phygital” strategy that combines over 650,000 physical distribution outlets in India and many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management across 75+ countries including India. EbixCash’s Forex operations are carried out primarily through 82 retail branches, 62 retail kiosks in 16 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, 12 seaports, over 250 franchise partners across 69 cities, as well as offered through more than 1200 corporate clients, more than 27 bank clients, and 5-star hotels in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of the leading non-bank travel exchanges based in India and catering to approximately 517,000 agents and approximately 17,900 registered corporate clients. EbixCash’s financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies within India, Southeast Asia, the Middle East and Africa. EbixCash’s business process outsourcing services provide information technology and call center services to a variety of industries.

Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com

CONTACT:

IR@ebix.com

satish.sapru@Ebix.com

Document and Entity Information	Apr. 01, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 01, 2024
Entity Registrant Name	EBIX INC
Entity Incorporation State Country Code	DE
Entity File Number	0-15946
Entity Tax Identification Number	77-0021975
Entity Address Address Line 1	1 Ebix Way
Entity Address City Or Town	Johns Creek
Entity Address State Or Province	GA
Entity Address Postal Zip Code	30097
City Area Code	678
Local Phone Number	281-2020
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.10 par value per share
Trading Symbol	EBIXQ
Entity Emerging Growth Company	false
Security Exchange Name	NONE
Amendment Flag	false
Entity Central Index Key	0000814549