Ideanomics

  1. Home
  2. Wiki
Not to be confused with IDEX Corporation.
Ideanomics, Inc.
Formerly
  • Alpha Nutraceuticals Inc
  • Alpha Nutra Inc
  • China Broadband Inc.
  • Gallery Rodeo International
  • Seven Stars Cloud Group, Inc.
  • Sierra Rockies Corp.
  • Wecast Network, Inc.
  • You On Demand Holdings, Inc.
Company typePublic
IndustryElectric vehicles, charging, powertrains
Founded2004; 21 years ago (2004) (as China Broadband Inc.)[1]
FounderShane McMahon (as China Broadband, Inc.)
Key people
Alf Poor (former CEO)[2]
ProductsElectric trucks and tractors (via subsidiaries), wireless charging systems, fuel cell and EV powertrains
Websiteideanomics.com

Ideanomics, Inc. is a bankrupt American electric-vehicle and clean-mobility technology company based in New York City. The company has operated a portfolio of EV-related businesses, including electric commercial vehicles (VIA Motors), agricultural tractors (Solectrac), wireless charging (WAVE), and electric powertrain and fuel-cell systems (US Hybrid). On 4 December 2024, Ideanomics and several subsidiaries filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware with plans to sell substantially all assets.[3] In January 2025, Bloomberg News reported that Morgan Stanley asserted a $10 million transaction fee claim in the bankruptcy case.[4]

History

[edit]

The company traces its roots to 2004 asChina Broadband Inc., founded by former professional wrestler Shane McMahon.[1] Through a series of name changes and strategy shifts (including You On Demand and Seven Stars Cloud Group), the business was rebranded Ideanomics, Inc. in 2017 under entrepreneur Bruno Wu.[5]

In October 2018 Ideanomics purchased the former University of Connecticut West Hartford campus for US$5.2 million, announcing plans to relocate certain operations to the site.[6]

From 2020 to 2022 Ideanomics assembled a group of EV companies:

  • Solectrac (electric tractors): majority stake in 2020; full acquisition in 2021.[7][8]
  • WAVE – Wireless Advanced Vehicle Electrification (inductive charging): acquired in January 2021.[9]
  • US Hybrid (EV powertrain and fuel-cell components): acquired in June 2021.[10]
  • VIA Motors (electric commercial vehicles): Ideanomics agreed to acquire VIA in August 2021[11] and later closed the transaction in January 2023, according to company filings.[12]
  • Energica Motor Company (high-performance electric motorcycles): 70% stake closed in March 2022.[13]

In mid-2024 the company received Nasdaq non-compliance notices regarding minimum bid price and market value of publicly held shares.[14]

[edit]

On 9 August 2024 the U.S. Securities and Exchange Commission announced settled fraud charges against Ideanomics, its then-executives, and board chair Bruno Wu, alleging the company misled investors about revenue, acquisitions and business relationships. The respondents agreed to cease-and-desist orders and civil penalties without admitting or denying the findings.[15]

In July 2024 WiTricity filed a patent-infringement suit against Ideanomics subsidiary WAVE Charging over wireless-charging technology.[16] Separately, WAVE brought claims against WiTricity alleging trade-secret misappropriation.[17]

Bankruptcy and restructuring

[edit]

Ideanomics and affiliates commenced Chapter 11 cases on 4 December 2024 in the District of Delaware, indicating an intent to market and sell assets to repay creditors.[3] Court filings and subsequent reporting note that financial advisers and lenders asserted various claims during the proceedings, including a Morgan Stanley advisory fee claim reported in January 2025.[4]

See also

[edit]

References

[edit]
  1. ^ a b "Ideanomics Inc. company profile". CNN Money. Retrieved 26 August 2025.
  2. ^ "Ideanomics Announces Director Changes" (Press release). PR Newswire. 8 January 2021. Retrieved 26 August 2025.
  3. ^ a b Knauth, Dietrich (4 December 2024). "EV investor Ideanomics files for bankruptcy to sell assets". Reuters. Retrieved 26 August 2025.
  4. ^ a b "Morgan Stanley Says Bankrupt EV Firm Owes $10 Million Deal Fee". Bloomberg. 6 January 2025. Retrieved 26 August 2025.
  5. ^ "Founder's Story". Ideanomics. Retrieved 26 August 2025.
  6. ^ Porter, Mikaela (10 October 2018). "Ideanomics closes on $5.2 million purchase of former UConn campus in West Hartford". Hartford Courant. Retrieved 26 August 2025.
  7. ^ "Ideanomics to acquire a 15% stake in Solectrac, Inc., a California-based manufacturer of electric tractors" (Press release). Ideanomics. 22 October 2020. Retrieved 26 August 2025.
  8. ^ "Ideanomics to acquire 100% of Solectrac" (Press release). Ideanomics. 11 June 2021. Retrieved 26 August 2025.
  9. ^ "Ideanomics acquires WAVE, a leading provider of wireless charging systems for commercial EVs" (Press release). Ideanomics. 12 January 2021. Retrieved 26 August 2025.
  10. ^ "Zero-Emission Vehicle Manufacturer US Hybrid Is Acquired". Los Angeles Business Journal. 7 June 2021. Retrieved 26 August 2025.
  11. ^ "Ideanomics to buy VIA Motors for nearly $630 million". Reuters. 30 August 2021. Retrieved 26 August 2025.
  12. ^ Ideanomics, Inc. Annual Report (Form 10-K) (Report). U.S. Securities and Exchange Commission. 31 March 2023. Retrieved 26 August 2025.
  13. ^ https://web.archive.org/web/20221017221841/https://investors.ideanomics.com/2022-03-28-Ideanomics-Finalizes-Energica-Motor-Company-Deal,-Acquiring-70-Percent-Ownership-Stake-in-Pioneering-High-Performance-All-Electric-Motorcycle-Company
  14. ^ "Ideanomics gets Nasdaq delinquency notice for bid price, market value". MarketWatch. 2 July 2024. Retrieved 26 August 2025.
  15. ^ "SEC Charges Ideanomics, Inc. and Former Executives with Fraud" (Press release). U.S. Securities and Exchange Commission. 9 August 2024. Retrieved 26 August 2025.
  16. ^ WiTricity Sues Ideanomics Subsidiary WAVE Charging (PDF) (Report). RPX Corporation (Litigation Summary). 31 July 2024. Retrieved 26 August 2025.
  17. ^ "Ideanomics, Inc., et al. – Restructuring Information". Epiq/Kroll Restructuring (case site). Retrieved 26 August 2025.
[edit]
  • Business data for Ideanomics, Inc.: