The California-based 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.
According to the U.K.-based FTSE Russell Group, members of the Russell 3000 Index are segmented based on size. This process determines the absolute breakpoint between large and small cap indexes.
Each company’s weight in the index is based on its float adjusted market cap. The largest 1,000 companies become members of the Russell 1000 Index. The next largest 2,000 become members of the Russell 2000 Index.
Russell 3000 Index updates the annual list in May and June to ensure accuracy: “A routine, annual process is needed to ensure the Russell US Indexes remain representative of the market’s current state,” FTSE explains.
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)