The Ideanomics (NASDAQ:IDEX) stock has had a bit of a tough time in recent days and that becomes even more apparent when one looks into the fact that over the course of the past week, it has recorded declines of as much as 10%.
However, on Thursday the company made a major announcement and notified the markets about the appointment of Mani Iyer as the Chief Executive Officer of its subsidiary company Solectrac. The move has been aimed at making sure that the company can scale up the distribution and manufacturing of its innovative electric tractors. It is a significant development for the company and one that could have a long term effect on Solectrac.
The appointment of Iyer is important for another reason. He is someone who is a highly experienced agriculture sector professional and has been involved with the sector for as long as 28 years. This appointment is expected to make it easier for Solectrac scale up its supply chain and distribution in addition to helping with product innovation. On the other hand, the former CEO and founder of Solectrac, Steve Heckeroth is going to serve as the Chairman of the company’s board from now on.
Market Reaction:
On Thursday, IDEX stock slid 2% to $2.78 with more than 17.38 million shares, compared to its average volume of 20.30 million shares. The stock has moved within a range of $0.8000 – 5.5300 after opening the trade at $3.70. Over the past 52-week, the stock has been trading within a range of $2.0700 – 6.9300.
 Stock Is Down 10% This Week: Time To Add Now?){kind=link}