Why Ideanomics (IDEX) Shares Are Ripping Higher Wednesday

Ideanomics, Inc. IDEX shares are climbing higher on Wednesday continuing the significant upward momentum which has resulted in massive IDEX price gains of nearly 200% over the past 30 days.

What To Know:

Ideanomics shares are trading over 24% higher on extremely high volume with nearly 223 million shares traded in the first two hours of Wednesday's session. IDEX shares traded under similarly volatile conditions on Tuesday with the stock closing over 33% higher on the session and trading volume totaling more than 654 million shares for the day. 

According to data from Benzinga Pro, Ideanomics is expected to report earnings at the end of the month, but a date has not yet been confirmed by the company. Additionally, IDEX shares have notable short interest with 10.46% of outstanding shares currently being sold short.

Ideanomics has received multiple Nasdaq minimum bid price delinquency notices and was scheduled for suspension of trading and delisting of the company's common stock on May 1, 2023.  Ideanomics responded by filing a formal appeal before the Nasdaq Hearings Panel which allows the stock to continue trading on the exchange pending the panel's decision. A timeframe for the panel's decision has not been provided.

On June 2, 2023, Ideanomics received a letter of notification that the company not compliant with Nasdaq's independent director and audit committee requirements. The company must regain compliance with the requirements before May 31, 2024.

Ideanomics, Inc. is focused on the global adoption of commercial electric vehicles (EVs) and conducts its operations globally in one segment with three business units, Ideanomics Mobility, Ideanomics Energy and Ideanomics Capital. Ideanomics Mobility focuses on electric vehicles, including delivery trucks and vans, tractors and two-wheelers. 

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IDEX Price Action: According to Benzinga Pro, Ideanomics shares are trading 14% higher at $0.11 at last check.

Photo: Courtesy of Ideanomics, Inc.