Ideanomics Acquires 70% Ownership Stake In Energica Motor

Ideanomics Inc 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.