Ideanomics Inc IDEX shares are trading lower by 9.7% to $2.10 Friday afternoon. This decline follows the company's recent implementation of a 1-for-125 reverse stock split. Over the past month, Ideanomics shares have experienced a significant decrease, falling approximately 74%.
The reverse stock split was initiated primarily to meet the minimum bid price requirement of $1.00, a prerequisite for maintaining listing on The Nasdaq Capital Market.
It's noteworthy that this action has no impact on the par value of the company's common stock or the authorized shares of preferred stock.
According to data from Benzinga Pro, IDEX shares have seen a 52-week high of $83.75 and a 52-week low of $2.04.
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