Mullen Automotive, Inc., an emerging electric vehicle (EV) manufacturer, announced that the company will be joining the Russell 2000 and 3000 Indexes on June 27, after the market opens, according to a preliminary list of additions posted by FTSE Russell on June 3. The stock also will be automatically added to the appropriate growth and value indexes.
Annual reconstitution of the Russell indexes captures the 4,000 largest U.S. stocks as of May 6, ranking them by total market capitalization. Membership in the Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
“The inclusion of Mullen Automotive shares in the Russell 2000 and 3000 Indexes, which are some of the stock market’s top performance benchmarks, is a great honor,” said David Michery, CEO and chairman of Mullen Automotive. “I believe that our inclusion in the Russell Indexes will bring Mullen Automotive great visibility within the institutional investment community. This is an excellent milestone for our company, which will provide increased liquidity and investor awareness.”
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 U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
FTSE Russell is wholly owned by London Stock Exchange Group.
