Ideanomics Stock Gains On VIA Motors Acquisition For $630M

  • Ideanomics Inc IDEX has agreed to acquire VIA Motors International, Inc. for a 100-percent ownership stake in an all-stock transaction valuing VIA at $450 million. VIA shareholders are eligible for potential earnout consideration of up to $180 million.
  • Orem, Utah-based VIA Motors will manufacture commercial electric vehicles, including Class 2 through Class 5 cargo vans, trucks, and buses. VIA Motors is also working with an autonomous technology company to provide electrification of autonomous trucks for short-haul and mid-mile delivery.
  • VIA's intellectual property portfolio extends to proprietary software and control systems featuring embedded diagnostics and telematics to significantly improve fleet operating costs, uptime, and routing for superior life cycle economics.
  • VIA shareholders will receive ~162 million shares of Ideanomics common stock based on the 30-day VWAP of Ideanomics' common stock of $2.34 as of August 27, 2021, and are expected to own ~25% of the combined company.
  • Ideanomics is separately advancing $50 million of financing to VIA in a secured convertible note issued by VIA to fund its growth.
  • Ideanomics held cash and cash equivalents of $395.64 million as of June 30, 2021.
  • VIA will operate as a distinct business unit reporting to Alf Poor, Ideanomics CEO, and the Ideanomics Board.
  • Price Action: IDEX shares are trading higher by 7.42% at $2.46 during the premarket session on Monday.
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