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Ideanomics June Rally Tops 900% as Robinhood Users Swarm

Jeremy R. Cooke

(Bloomberg) -- Ideanomics Inc., whose shares were trading for less than $1 a share to start the month, climbed as much as 79% Monday, pushing its June rally briefly past 900% intraday. The latest move comes after the company announced an order for 200 electric vehicles by the Chinese city of Neijiang and a rebranding of its truck and specialty vehicle sales unit as Medici Motor Works, or MMW.

The stock’s climb has roughly mirrored a jump in Robinhood users holding shares from less than 10,000 two weeks ago to more than 80,000, according to Robintrack.net, which tracks data from the retail investing platform. Ideanomics also topped a daily list of changes in popularity at Robintrack.

Since June 5, New York-based Ideanomics -- with offices in Beijing, Guangzhou and Qingdao -- has issued a dozen press releases, several of them reporting commercial EV orders. The company, which used to be in the video-on-demand business, has lately focused on providing “group purchasing discounts” for fleets of EVs through its Mobile Energy Global division.

While today’s order of Dongfeng Liuzhou sedans for the city of Neijiang in Sichuan province was valued at about $3.2 million, Ideanomics cautioned that U.S. GAAP accounting treatment hasn’t been finalized: “Consequently, the revenue may be reported on a Gross or Net basis and some portion may be deferred to future accounting periods.”

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