As initially reported by EV, Mullen Automotive will join Russell 3000 and Russell 2000 Indexes in late June. CEO David Michery said that Mullen‘s inclusion in the Russell Indexes “will bring great visibility within the institutional investment community”.
“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”, Mullen aded.
Mullen Automotive is among the annual additions to Russell 3000, the stock market Index that tracks the performance of the 3,000 largest U.S.-traded stocks. In 2022, the breakpoint between large cap and small cap is at $4.6B which means that the EV maker will join Russell 3000 and Russel 2000 Indexes, based on its Market cap.
Managed by FTSE Russell Group, the Index also serves as the basis for its component Russell 1000 and Russell 2000 indexes. “The newly reconstituted indexes will take effect after the market close on June 24”, FTSE said.
Mullen CEO David Michery was featured on Friday’s episode of Benzinga’s All Access Series to give additional information on the battery testing results and the upcoming plans for the company. After being interviewed on Risk On Live podcast earlier in the week, Michery unveiled on Friday that the company “started negotiations with a couple of major OEMs” regarding Mullen’s battery technology. (Full Transcript of the Interview available here)