The stock of Ideanomics, Inc. remained unsteady during the month. On July 2, the worth closed at $2.7025; later, it firmly sunk to $2.4250. On July 8, the stock already recovered to $2.6624 and begun to decline by 12%. Ideanomics, Inc. is now trading at $2.4100.
Ideanomics announced that it had made a strategic investment in Prettl Electronics Automotive (“PEA”), a business unit of the Prettl Group that manufactures and distributes components and systems for the automotive, energy, and electronics industries. The transaction terms include a strategic investment of 7.5 million euros (~9 million US dollars) for 30% of the shares.
Ideanomics will receive exclusive rights to sell and distribute PEA charging infrastructure products and solutions in North America, and CEO Alf Poor will join the PEA Board of Directors. PEA charging systems are expected to be widely available starting in 2023 after ongoing field testing and meeting certification requirements.