Diogenes
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Ideanomics Inc., which owns technology used to charge electric buses and other commercial vehicles, has filed bankruptcy months after securities regulators accused its executives of misleading investors about its financial performance.
The New York-based company and its corporate affiliates sought court protection Dec. 4 in Delaware listing assets of between $50 million and $100 million and liabilities of between $100 million and $500 million on its Chapter 11 petition. Ideanomics joins several other EV makers and related business that have filed bankruptcy over the past two years.
The bankruptcy caps a yearslong slide for Ideanomics’ stock, which surged in 2020 amid enthusiasm. It traded for more than $600 a share for a short time and the company’s market value hit $2 billion in February 2021 before losing most of that over the past two years. Nasdaq notified the company in July it would suspend trading of the stock.
EV Charging Firm Ideanomics Files for Bankruptcy | Transport Topics
Ideanomics, which owns technology used to charge electric buses and other commercial vehicles, has filed for bankruptcy.
