Shares of Ideanomics (NASDAQ: IDEX) popped by as much as 14% this morning after the company announced it would acquire Timios Holdings, a title and settlement services provider. The stock has since given up much of those gains and was up just 3% as of 12:30 p.m. EST.
Ideanomics will buy the California-based company for $40 million in cash and will integrate it into the company's fintech segment. The company says the acquisition will improve efficiency and transparency in the real estate and mortgage industry. Ideanomics' main business is distributing commercial electric vehicles to industrial fleet operators in China.
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For further details see:Why Ideanomics Stock Popped Briefly This Morning