Ideanomics Implements Reverse Stock Split to Boost Share Value
Ideanomics has announced a reverse stock split of its common stock at a ratio of 1-for-125, which is expected to become effective on August 25, 2023. The reverse stock split is being enacted to regain compliance with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market. The total number of shares will be reduced, and stockholders will receive one whole share for any fractional shares resulting from the split. The reverse stock split has no effect on the par value of the company's common stock or authorized shares of preferred stock.