Ideanomics Inc IDEX shares are trading lower by 7% to $2.59 Wednesday morning on downward momentum and amid overall market weakness. The company recently effected a 1-for-125 reverse stock split. Shares have also fallen some 73% over the trailing month.

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 $83.75 and a 52-week low of $2.50.