Ideanomics (IDEX) has provided an update on its acquisition of Energica. The company has provisionally passed the 90% threshold by securing 93.63% of Energica’s shares through the voluntary tender offer of Energica Motor Company S.p.A. shares. Shares of the company declined 1.4% at the time of writing.
Ideanomics engages in the provision of business consulting services related to traditional financings as well as developing digital asset securitization services through artificial intelligence and blockchain-enabled financial services platforms.
Backed by this move, the deal is likely to conclude by the end of this quarter. However, the acquisition of Energica still remains subject to final regulatory approval and other customary closing conditions.
Alf Poor, the CEO of Ideanomics, said, “With exceptional Italian heritage and an innovative product line already in market, we believe Energica will strongly benefit from Ideanomics resources and continue to be a leader in the electric motorbike industry.”
The company is expected to report a loss of $0.05 per share for the fourth quarter of 2021. Ideanomics’ earnings have remained very volatile in the past quarters, and given the disappointing earnings history, it will likely miss estimates again in the fourth quarter.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Ideanomics, as 10.9% of investors on TipRanks decreased their exposure to IDEX over the past 30 days.
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