Ideanomics stock shoots up after deal to buy VIA Motors in a $450 million stock deal

2 weeks ago 12
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Shares of Ideanomics Inc. IDEX, +1.78% shot up 13.5% in premarket trading Monday, after the electric vehicle adoption facilitator and financial services company announced a deal to buy electric commercial vehicle company VIA Motors International Inc. in a stock deal valuing VIA at $450 million. Under terms of the deal, VIA shareholders will receive a total of 162 million Ideanomics shares at a price of $2.34 a share, which is 2.2% above Friday's closing price of $2.29. Separately, Ideanomics will advance $50 million of financing to VIA in the form of a convertible note, and VIA shareholders will be eligible for a potential earnout of up to $180 million if certain vehicle delivery volume thresholds are met through 2026. Ideanomics stock has dropped 20.5% over the past three months, while the S&P 500 SPX, +0.88% has gained 7.3%.

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