Ideanomics

Company Profile

Ideanomics is a global EV company focused on driving the adoption of electric commercial vehicles and associated sustainable energy consumption. Ideanomics, Inc. is the parent company to several subsidiaries in the EV industry, including WAVE Charging, VIA Motors, and Solectrac. The Company’s thesis behind the portfolio was to provide turnkey vehicle, finance, leasing, and energy management services for commercial fleet operators across the world.

Situation

The Company successfully advanced the development of various products but was unable to achieve a level of profitability. The ensuing liquidity constraints were exacerbated by the broader pullback around EV investments and the Company’s subsequent delisting from the NASDAQ in July 2024. In response to the liquidity issues, the Company engaged in various divestiture and restructuring initiatives with the goal of consolidating around WAVE Charging. However, the Company remained undercapitalized and filed for relief under Chapter 11 of the United States Bankruptcy Code in December 2024.

Solution

SSG was retained to conduct a marketing process and facilitate the Stalking Horse bid from Tillou, and then to solicit competing offers to Tillou’s bid. After extensive outreach to a broad universe of potential strategic and financial acquirers, the Stalking Horse credit bid submitted by Tillou (McMahon family office) as the DIP lender for WAVE Charging and select other assets was determined to be the highest and best offer. SSG’s vast experience with Chapter 11 transactions and ability to efficiently execute a comprehensive remarketing process ensured that the sale to Tillou optimized value for Ideanomics’ stakeholders.