Ideanomics divests majority stake in Amer Global into IOT startup with 2020 IPO
Ideanomics has recently entered into an agreement to divest its 55% stake in the Amer Global electronic parts supply chain business for a 10% stake in the newly-formed, Hong Kong-based, Logistorm. Ideanomics, along with other strategic partners including BCC Technology, Tekang Holdings, and Beijing Financial as management holdings, among others, will assist Logistorm with improving its robotics and electronic internet industry and IOT business consisting of manufacturing data, supply chain management & financing, and lease financing of industrial robotics, up to and including an IPO of the Logistorm business in a 2020 timeframe. Additionally, Ideanomics will nominate one director to the Board of Directors of Logistorm, as well as, provide advisory services to assist the company in pursuing a public listing on the Nasdaq, or an internationally recognized stock exchange. Logistorm is formed through the merging of four operating businesses with ongoing revenues, generated by acquisitions, of 12B RMB for the next three years.