Ideanomics (NASDAQ:IDEX) was up more than 13% in trading today following a Friday SEC filing for a $150 million at-the-market offering. Also on Friday, IDEX announced it was joining clean transportation nonprofit CALSTART to advance its wireless electric vehicle segment.
Ideanomics’s ATM offering will be conducted by Roth Capital Partners. Proceeds will go towards general corporate purposes, including paying down debt and acquisitions. At the top of the year, IDEX acquired wireless charging provider WAVE and title and escrow services provider Timios; those deals cost a combined $90 million.
The former of those two acquisitions appears especially pertinent to Ideanomics’s membership in CALSTART. WAVE has pioneered a charging system that uses largescale wireless charging pads to charge vehicles while they’re in use, reducing battery size and extending range. That technology has already been in use for multiple years in some cities’ bus fleets.
Per a company press release, Ideanomics CEO Alf Poor said CALSTART membership would give the company access to “the network and expertise that [would] help [the company] accelerate the adoption of WAVE’s technology.”
The boost in speculative Ideanomics stock today came as part of a broader rally in the electric vehicle segment. IDEX is due to report full year and Q4 earnings for fiscal year 2020 on March 31.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.