EV investor Ideanomics files for bankruptcy to sell assets [Yahoo! Finance Canada]
Ideanomics, Inc. (IDEX)
Company Research
Source: Yahoo! Finance Canada
Ideanomics entered bankruptcy with over $30 million in debt and just $189,000 in cash on hand, according to documents filed in Wilmington, Delaware bankruptcy court. Ideanomics said it has lost over $800 million in the past five years. The company spent $320 million on electric vehicle technology investments between 2021 and 2023, but most of those investments were unprofitable. It has shut down all of its acquired businesses except the wireless charging company WAVE, and laid off all but 17 employees. WAVE, which Ideanomics purchased in 2021, will continue to operate during the bankruptcy, and its wireless charging technology is being used by the Antelope Valley Transit Authority in California, which serves commuters in the cities of Palmdale, Lancaster, and Northern Los Angeles County. The WAVE system is built into routes on public roads and parking facilities, and it is designed to automatically charge buses during scheduled stops, according to court documents. Ideanomic
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