Energica’s new parent company, Ideanomics, seeks to become a conglomerate of EV and related businesses. After investing heavily in the China EV market (and losing all of it), Ideanomics is now comprised primarily of a company that retrofits vehicles to hydrogen fuel cells or battery electric called US Hybrid, an electric tractor company called Solectrac, and WAVE, which is developing wireless charging for large trucks. Energica is another part of the conglomerate, though it has a separate shareholder agreement and management structure.
From the SEC filing.
"On July 25, 2023, we completed the sale of the Timios Operations for cash....
There was no material gain or loss on the sale of the Timios operations."
"...our business components Timios, US Hybrid, Tree Technologies, and China met the criteria for
classification as discontinued operations and are no longer presented as continuing operations."
"... business components Energica, Solectrac and Wave (the “held for sale businesses”) met the criteria
for classification as assets held for sale and discontinued operations."
"...if the sale of Energica, Wave Technologies, and Solectrac were complete and such
businesses were presented as discontinued operations. In this event, the balance sheet below would reflect the assets and liabilities of the parent company Ideanomics, Inc. and VIA Motors as the sole remaining continuing operations..."
My OP. It looks like Ideanomics is putting all its efforts into VIA Motors which is not doing well.
" The Company believes that its current level of cash and cash equivalents are not sufficient to fund continuing operations, including VIA, which acquisition was closed by the company on January 31, 2023. "
