Why Ideanomics Stock Is Trading Higher Today

Ideanomics IDEX shares are trading higher after the company announced it has entered into an agreement to acquire VIA Motors International in an all-stock transaction for a 100-percent ownership stake.

VIA Motors will manufacture electric commercial vehicles including Class 2 through Class 5 cargo vans, trucks, and buses. The company is also working with an autonomous technology company to provide electrification of autonomous trucks for short-haul and mid-mile delivery, according to the press release.

"This acquisition is aligned with our long-term strategy and provides us an immediate leadership position in a rapidly growing market and yet another path to accelerate EV adoption and Ideanomics' market share. said Ideanomics Chief Executive Officer Alf Poor

The agreement values VIA at $450 million. VIA shareholders are eligible for potential earnout consideration of up to $180 million. 

At last check, Ideanomics was trading 5.46% higher at $2.415 per share. The stock has a 52-week high of $5.53 and a 52-week low of $0.8.

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