NEW YORK, Dec 4 (Reuters) - Electric vehicle tech

company Ideanomics Inc. ( IDEX ) filed for Chapter 11

bankruptcy in Delaware on Wednesday to find a buyer for its

wireless charging business and other technology investments.

Ideanomics ( IDEX ) entered bankruptcy with over $30 million in debt

and just $189,000 in cash on hand, according to documents filed

in Wilmington, Delaware bankruptcy court. Ideanomics ( IDEX ) said it has

lost over $800 million in the past five years.

The company spent $320 million on electric vehicle

technology investments between 2021 and 2023, but most of those

investments were unprofitable.

It has shut down all of its acquired businesses except the

wireless charging company WAVE, and laid off all but 17

employees.

WAVE, which Ideanomics ( IDEX ) purchased in 2021, will continue to

operate during the bankruptcy, and its wireless charging

technology is being used by the Antelope Valley Transit

Authority in California, which serves commuters in the cities of

Palmdale, Lancaster, and Northern Los Angeles County.

The WAVE system is built into routes on public roads and

parking facilities, and it is designed to automatically charge

buses during scheduled stops, according to court documents.

Ideanomics ( IDEX ) has lined up an $11 million bankruptcy loan from

Tillou Management and Consulting, an entity controlled by former

wrestling executive Vince McMahon. McMahon is married to Linda

McMahon, who U.S. President-elect Donald Trump has nominated as

education secretary in his second administration.

Ideanomics ( IDEX ) plans to sell WAVE to Tillou unless another

buyer steps in with a higher offer, according to court

documents.

Ideanomics ( IDEX ) saw its stock surge to over $600 a share in 2021

as retail investor interest in electric vehicles surged. The

U.S. Securities and Exchange Commission later accused the

company of misleading investors by overstating its financial

performance. Ideanomics' ( IDEX ) stock was de-listed from NASDAQ in July

2024, and it settled the SEC lawsuit in August.

Before its pivot to electric vehicles, Ideanomics ( IDEX ) operated

in unrelated markets, providing video-on-demand services in

China and later providing financial technology used for trading

in petroleum and electronic components.