Ideanomics takes majority stake in Energica Motor, shares up

IDEX Wind Down

28/03/2022 14:13

** Shares of fintech solutions provider  IDEX.O  rise 2.5%
to 94 cents premarket
    ** IDEX says it has acquired 70% stake in electric
motorcycles maker Energica Motor Co  urn:newsml:reuters.com:*:nPn1WCZn5a
    ** Says on March 7 it secured 93.63% of the public float of
Energica's shares, which led to Energica being delisted from the
Italian Stock Exchange Borsa Italiana
    ** IDEX paid 3.2 euros ($3.51) per Energica share for the
all-cash transaction
    ** IDEX, which provides group purchasing discounts on
commercial electric vehicles, says it aims to accelerate
Energica's go-to-market model with a goal of doubling its U.S.
dealer network by the end of 2022
    ** Up to last close, stock down ~24% YTD


($1 = 0.9126 euros)

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))