Phunware Inc (NASDAQ:PHUN) is gaining momentum in the pre-market session on Monday as investors are reacting positively to the company’s news.
Major Trigger:
Phunware Set to Join Russell Microcap® Index
Key Highlights:
is set to join the Russell Microcap® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, according to a preliminary list of additions posted June 4.
Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
Key Quote:
“It is a pleasure to join the Russell Microcap® Index, as it will help develop our equity profile across the broader investment community,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “This milestone is an encouraging next step of growth in our capital markets journey, in parallel with the progressing trajectory of our operational business. With the recent debut of our PhunWallet app, and the successful launch of our first major global distribution agreement with a large publicly-traded technology company, we are now poised for a successful 2021 and beyond.”
Market Reaction
As of 8:48, PHUN is trading at $1.46, up 3.45%. So far more than 62K shares have exchanged hands.
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