Stock Alert: Ideanomics Soars Over 80% After Increasing Stake In Electric Tractor Maker

(RTTNews) - Shares of Ideanomics, Inc. (IDEX) are currently surging over 80% on after the company announced it is increasing its stake in California-based Solectrac Inc., which makes battery-powered electric tractors.

IDEX is currently trading at $2.82, up $1.28 or 83.1169%, on the Nasdaq.

Ideanomics said it increased its stake in Solectrac through a follow-on investment of an additional $1.3 million. This additional investment reflects investment interest in Solectrac by ESG funds which is expected to close in the coming weeks.

The recent investment increases Ideanomics ownership to 24%, which will reduce to about 22% post-money once the additional third-party investment is finalized.

On October 22, the company had revealed that it acquired 14.7% of Solectrac for the consideration of $1.3 million.