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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events  
Subsequent Events

Note 21. Subsequent Events

Acquisition of Solectract, Inc. (“Solectract”) common shares

On October 22, 2020, the Company acquired 1.4 million common shares, representing 15.0% of the total common shares outstanding, of Solectrac for a purchase price of $0.91 per share, for total consideration of $1.3 million.

Solectrac develops, assembles and distributes 100% battery-powered electric tractors-an alternative to diesel tractors-for agriculture and utility operations. Solectrac tractors provide an opportunity for farmers around the world to power their tractors by using the sun, wind, and other clean renewable sources of energy.

With this investment in Solectrac, Ideanomics expands its global footprint in the EV industry, specifically in the category of specialty commercial vehicles. This investment marks its first in an existing US-based original equipment manufacturer, and Ideanomics will assume a seat on Solectrac's Board of Directors.