- Ideanomics Inc IDEX had acquired premium zero-emission electric tractor manufacturer and distributor Solectrac Inc.
- The financial terms of the transaction remain undisclosed.
- Solectrac enhances Ideanomics' ecosystem of EV businesses with a premium offering in the rapidly growing agriculture sector on the cusp of EV adoption.
- The Solectrac electric tractor line-up is fully scalable and market-ready to generate revenue in the U.S. with proven demand.
- Ideanomics held $356 million in cash and equivalents as of Mar. 31, 2021.
- Price action: IDEX shares traded lower by 1.59% at $3.09 in the premarket session on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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