Ideanomics Up 42% on Heavy Volume After Transfer of Fund Interest to Uber
By Josh Beckerman
Ideanomics shares rose 42% to 9 cents after it transferred an investment fund interest to Uber Technologies.
Volume was more than 593 million shares, compared with a 65-day average of 73.9 million.
In 2021, Ideanomics, which has various operations related to electric vehicles, pledged $25 million to the MDI Keeper's Fund. The fund is sponsored by the National Bankers Association, a trade association for minority depository institutions.
Ideanomics said in a securities filing that it made aggregate contributions to the MDI Keeper's Fund of $4.38 million. The company said it didn't make contributions that were required under call notices issued on Dec. 20 and March 31.
Uber committed $25 million to the fund in 2020.
Ideanomics completed its purchase of VIA Motors, a maker of electric commercial vehicles, in January. The deal was announced in August 2021. The company's other operations include Solectrac electric tractors and the financing business Ideanomics Capital.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 13, 2023 15:26 ET (19:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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