Ideanomics (IDEX NASDAQ): Champion of Stock Promotes
Initiation Report: June 24, 2020
J Capital Research ("J Cap") is a stock-research company. J Cap has analyzed the U.S.-listed company Ideanomics, Inc. (“IDEX”) and is hereby publishing the outcome and the conclusions of our analysis, based on publicly available information. We may be short shares of IDEX, and, for this reason, there might be a conflict of interest.
Ideanomics (IDEX) (formerly Seven Stars Cloud Group, Inc. and before that WeCast and before that You on Demand Holdings and before that China Broadband) is a zero. The company changes its name and promotional story so frequently that it’s hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out.
The latest promote involves a barrage of press releases around electric vehicle “group sales.” However, no one from any of the companies in IDEX’s most recent five press releases confirmed these sales. Representatives from three of those companies and a local government vehemently denied doing any deal with IDEX. We could not identify the fifth. We doubt the auditor, BF Borgers CPA, will be able to either, seeing as that company’s only office is in an industrial district of Lakewood, Colorado, 10,000 miles away from China, where all the "deals" take place.
The run-up in the share price is nothing more than a well-timed pump. The shelf registration announced June 23 is a desperate attempt to raise money, since the company has less than three months of cash in the bank.