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Ideanomics Approves Reverse Stock Split At Ratio Of 1-for-125
(RTTNews) - Ideanomics, Inc. (IDEX) announced Wednesday that its Board of Directors has approved a reverse stock split of its common stock, par value $0.001 per share at a ratio of 1-for-125. The Reverse Stock Split is expected to become effective on August 25, 2023.
The shares are expected to begin trading on the split-adjusted basis on the Nasdaq under the Company's existing trading symbol "IDEX" at market open on August 25, 2023, upon Nasdaq's approval. The Reverse Stock Split has no effect on the par value of the Company's Common Stock or authorized shares of preferred stock. Immediately after the Reverse Stock Split, each stockholder's percentage ownership interest in the Company and proportional voting power will remain unchanged.
The Reverse Stock Split is primarily being enacted to regain compliance with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).
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