Sonim Technologies (NASDAQ:SONM) today announced it is set to join the Russell MicrocapIndex at the conclusion of the 2023 Russell indexes annual reconstitution, effective after the US market opens on June 26, according to the preliminary list of Russell Microcap 2023 additions posted on May 26, 2023.
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.
“We are excited to be added to the Russell indexes, reflecting the value created by the new management team’s strategy and execution over the past year,” said Peter Liu, Chief Executive Officer. “We have worked hard to deliver on our growth promise, launching a fully refreshed line of best-in-class rugged mobile phones and returning the Company to profitability as of the first quarter of 2023. Looking ahead, we are now focused on further building upon Sonim’s rugged engineering heritage, with expansion into additional adjacent markets looking for mobility solutions, including industrial and consumer durable devices where our differentiated products bring added value.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell Microcap® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
