- Ideanomics Inc (NASDAQ:IDEX) has finalized its majority ownership stake in Energica Motor Company S.p.A., a manufacturer and distributor of 100% battery-powered electric motorcycles. Ideanomics has acquired a 70% ownership stake in Energica.
- Earlier in March, Ideanomics secured 93.63% of the public float of Energica's shares. It paid €3.2 per share in the all-cash transaction.
- Related: Ideanomics Plans To Boost Stake In Energica Motor, Ideanomics Secures 93.63% Threshold In Energica Motor Tender Offer
- Energica has been delisted from Borsa Italiana, the Italian Stock Exchange, and trades as part of IDEX on the NASDAQ.
- With this deal, Ideanomics plans to accelerate Energica's go-to-market model, invest in new products, and enhance its distribution capabilities with a goal of doubling its U.S. dealer network by 2022-end.
- IDEX held cash and equivalents of $256.93 million as of September 2021.
- Ideanomics has recently received a notice from Nasdaq that it is no longer compliant with listing rules as it has not yet filed its Form 10-K.
- Price Action: IDEX shares are trading higher by 0.11% at $0.92 on Monday's last check.
