Ideanomics (NASDAQ:IDEX) jumped 10.50% after announcing the acquisition of Santa Rosa-based Solectract for over $20 million. The company didn’t disclose the full financial details for the acquisition of the electric tractor maker. Solectrac founder Steve Heckerroth, who will remain on the company’s board, said that he went from zero to 60 quite fast. Ideanomics had twice made a $1.3 million investment in Solectract, and so when the company approached Heckeroth, he seized the chance.
The company also completed a previously announced definitive agreement to acquire 100% interest in US Hybrid. US Hybrid manufactures and distributes electric powertrain components and fuel cell engines for heavy and medium-duty commercial fleet operations. The conclusion of the acquisition is a significant milestone in the company’s mission to reduce commercial fleet carbon emissions by using advanced EV tech.
Already US Hybrid has orders from Global Environment Products (GEP) partners for all-electric street sweepers to be deployed in major US cities. Following the acquisitions, Ideanomics is poised for growth, and in the coming months, it is a stock to watch.
Market Reaction:
On Wednesday, IDEX stock surged 10.50% to $3.15 with more than 38.17 million shares, compared to its average volume of 19.65 million shares. The stock has moved within a range of $2.9000 – 3.2500 after opening the trade at $2.95. Over the past 52-week, the stock has been trading within a range of $0.8000 – 5.5300.
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