Ideanomics, Inc. (NasdaqCM:IDEX) entered into a framework agreement to launch an offer to acquire an additional 51.33% stake in Energica Motor Company S.p.A. (BIT:EMC) from a group of shareholders for €50.3 million on September 15, 2021. Buyer will acquire shares at €3.20 per shares. The Energica Founders shall continue to own 29% of Energica. The deal is subject to regulatory approval, approval by board of Energica Motor and other customary closing conditions. As of November 16, 2021, the Presidency of the Council of Ministers has informed that the transaction does not fall within the scope of applicability of the legislation on Golden Power. Therefore, one of the conditions for the completion of the offer provided for in the framework agreement has been concluded. As of February 7, 2022, board of directors of Energica unanimously approved the transaction. CRP Technology will not adhere to the Offer. Maison will hold the commitment not to tender Shares into the Offer, which will be extended to the mentioned 2,091,940 Energica Shares and EMCH committed to tender further n. 2,091,940 Energica Shares to the Offer and therefore its commitment to tender will concern no more 2,529,731 Energica Shares but 4,621,671 Energica Shares. As of March 7, 2022, Ideanomics announced that it had provisionally passed the required 90% threshold by securing 93.63% of shares of Energica Motor Company S.p.A. through the voluntary tender offer of Energica shares. The acquisition of Energica remains subject to final regulatory approval and other customary closing conditions. The Company expects the acquisition of Energica to close by the end of the current quarter.

The Offer is expected to be promoted in October 2021. As on October 29, 2021, Energica Motor Company extended the deadline for fulfillment of conditions for Promotion to November 30, 2021. Venable LLP and Greco Vitali Associati acted as legal advisor to Ideanomics, Inc. NCTM Studio Legale Associato acted as legal advisor to Energica Motor Company.