Ideanomics Increases Its Stake in e-Tractor Company Solectrac
- Electric tractors are poised to disrupt the $75 billion global agricultural tractor industry
NEW YORK, Nov. 23, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") announces that it has increased its stake in California-based Solectrac, Inc. through a follow-on investment of an additional $1.3 million. This additional investment reflects investment interest in Solectrac by ESG funds which is expected to close in the coming weeks. As a reminder, on October 22, 2020, the Company announced that it acquired 14.7% of Solectrac, Inc. for the consideration of $1.3 million. Since this announcement, Solectrac experienced an increase in product and investment inquiries.
This recent investment increases Ideanomics ownership to 24%, which will reduce to approximately 22% post-money once the additional third-party investment is finalized. The new investment by Ideanomics allows Ideanomics to increase its share of ownership sufficiently to recognize its stake in Solectrac under the equity method for US GAAP accounting purposes.
We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand," said Alf Poor, CEO of Ideanomics.
Solectrac develops, assembles and distributes 100% battery-powered electric tractors—an alternative to diesel tractors—for agriculture and utility operations.
finance.yahoo.com/news/ideanomics-increases-stake-e-tractor-123000712.html
NEW YORK, Nov. 23, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") announces that it has increased its stake in California-based Solectrac, Inc. through a follow-on investment of an additional $1.3 million. This additional investment reflects investment interest in Solectrac by ESG funds which is expected to close in the coming weeks. As a reminder, on October 22, 2020, the Company announced that it acquired 14.7% of Solectrac, Inc. for the consideration of $1.3 million. Since this announcement, Solectrac experienced an increase in product and investment inquiries.
This recent investment increases Ideanomics ownership to 24%, which will reduce to approximately 22% post-money once the additional third-party investment is finalized. The new investment by Ideanomics allows Ideanomics to increase its share of ownership sufficiently to recognize its stake in Solectrac under the equity method for US GAAP accounting purposes.
We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand," said Alf Poor, CEO of Ideanomics.
Solectrac develops, assembles and distributes 100% battery-powered electric tractors—an alternative to diesel tractors—for agriculture and utility operations.
finance.yahoo.com/news/ideanomics-increases-stake-e-tractor-123000712.html
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.