Why Ideanomics Stock Fell Today

Shares of Ideanomics (NASDAQ: IDEX) have fallen today, down by 8% as of 12:40 a.m. EDT, after the company filed a mixed-shelf registration to raise up to $250 million. Shelf offerings allow companies to register new issues of securities for sale at a later time.

The news comes after Ideanomics shares had surged last Friday, when the company announced it had scored an order for 200 electric vehicles (EVs) in China. That deal is worth an estimated $3.2 million and is expected to be fulfilled in mid-July. Originally founded as a video content company that subsequently pivoted toward blockchain-based financial technology, Ideanomics expanded into EVs last year.

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Source Fool.com