Ideanomics Inc IDEX shares are trading lower by 15.8% to $3.62 Monday morning on downward momentum. The company effected a 1-for-125 reverse stock split on Friday.
Ideanomics says the implementation of the reverse stock split is primarily aimed at restoring compliance with the minimum bid price criterion of $1.00, which is essential for maintaining listing on The Nasdaq Capital Market.
The reverse stock split meanwhile has no effect on the par value of the company's common stock or authorized shares of preferred stock.
According to data from Benzinga Pro, IDEX has a 52-week high of $84.92 and a 52-week low of $2.50.
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