Idex - IDEX STOCK NEWS

WAVE Charging, a subsidiary of Ideanomics, has received a purchase order for a commercial proof of concept project with a major retail and logistics company in the US. The customer's name and project details are confidential, but the collaboration signifies a significant milestone for WAVE in the commercial vehicle charging sector.

WAVE Charging, a subsidiary of Ideanomics (NASDAQ: IDEX), provided an update on its 500kW ultra-fast wireless charging system developed with Cummins and the US Department of Energy. The system fully charged a class 8 electric truck in less than 15 minutes, showcasing the potential for continuous electric vehicle uptime. The technology can supply a day's worth of energy to a home in just 3.6 minutes and is comparable in efficiency to wired charging. WAVE plans to deploy the system in Q1 2024, supported by an $8.4 million US Department of Energy grant. The project aims to help operators meet zero-emission goals and improve air quality in transportation environments. This initiative aligns with the Inflation Reduction Act's programs and tax credits for electrification, targeting medium and heavy-duty vehicles in disadvantaged communities and warehouses. WAVE's COO stated that wireless charging is the most effective solution for medium- and heavy-duty vehicles that demand perpetual operations and require charging infrastructure.

Ideanomics (IDEX) received a notice from Nasdaq regarding potential delisting due to non-compliance with filing requirements. The company filed its Form 10-Q with the SEC on November 21, 2023, regaining compliance with the filing requirement.

Ideanomics (IDEX) received a notice from Nasdaq regarding non-compliance with listing rules due to delayed filing of Form 10-Q, but regained compliance after filing on November 21, 2023.

Ideanomics (IDEX) announced its third quarter 2023 operating results, focusing on the commercial adoption of electric vehicles. The company reported a 57% decrease in revenue for continuing operations in the quarter, with a gross margin of negative 14.8%. Despite positive highlights such as police fleet contracts and successful wireless charging installations, the financial results show a significant decline.

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