What's Going On With Ideanomics (IDEX) Stock?

Ideanomics Inc IDEX shares are trading higher Tuesday. After the close on Friday, the company said its board opted to discontinue operations of one of its subsidiaries.

What Happened: According to a regulatory filing, Ideanomics decided to discontinue the operations of registered broker-dealer Justly Markets LLC. 

On June 12, Ideanomics submitted a withdrawal request for Justly Markets with the Financial Industry Regulatory Authority (FINRA). The request is subject to a 60-day minimum review period by FINRA and could be extended if the regulator finds that there are regulatory inquiries that need to be addressed. 

Justly was an equity crowdfunding platform that allowed investors to invest in early-growth private companies and startups. Ideanomics aims to accelerate the commercial adoption of electric vehicles by bringing together vehicles and charging technology with design, implementation and financial services.

Ideanomics has a total float size of just under 800 million. 10.46% of the float is currently sold short, according to Benzinga Pro.

From Last Week: Why Ideanomics (IDEX) Shares Are Ripping Higher Wednesday

IDEX Price Action: IDEX shares have rallied over the last month and have more than doubled since the start of June. 

The stock was up 16% at 10 cents at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.