Innovid Set to Join the Russell 3000® Index

Rhea-AI Summary

Innovid (NYSE:CTV), a leading software platform for advertising across connected TV (CTV), linear TV, and digital, announced its inclusion in the Russell 3000® Index. This will take effect on July 1, 2024, following the annual reconstitution of Russell US Indexes. The Russell 3000® Index encompasses the largest 4,000 US stocks by market capitalization, offering broad market exposure. Membership in this index ensures automatic inclusion in either the Russell 1000 Index or the Russell 2000 Index, as well as relevant growth and value style indexes. FTSE Russell, the global index provider, benchmarks approximately $10.5 trillion in assets against the Russell US indexes. CEO Zvika Netter believes that joining the Russell 3000® will attract a broader set of institutional investors, enhancing shareholder value.

Positive

• Inclusion in the Russell 3000® Index, effective July 1, 2024.
• Membership ensures automatic inclusion in Russell 1000 or Russell 2000 Index.
• Potential for increased visibility among institutional investors.
• Approximately $10.5 trillion in assets benchmarked against Russell US indexes.
• Enhanced credibility and recognition in US equity markets.

Negative

• Short-term market volatility possible due to reconstitution adjustments.
• No guarantee of immediate or significant impact on stock price.

NEW YORK--(BUSINESS WIRE)-- Innovid Corp. (NYSE:CTV) (the “Company”), a leading software platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear TV, and digital, today announced that it is set to join the broad-market Russell 3000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, according to a preliminary list of additions posted Friday, May 24.

The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, ranking them by total market capitalization. Membership in the US all-cap 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.

“We are thrilled to join the Russell 3000® Index, one of the most widely referenced benchmarks in US equity markets,” said Zvika Netter, CEO and co-founder of Innovid. “We remain focused on delivering shareholder value and believe the inclusion in the Russell 3000® will provide exposure to a broader set of institutional investors.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, a prominent global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1996. The Company's actual results may differ from its expectations, estimates, and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "aim," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations regarding its future financial results, expected growth, and future market opportunity. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results, including Innovid's ability to achieve and, if achieved, maintain profitability, decrease and/or changes in CTV audience viewership behavior, Innovid's failure to make the right investment decisions or to innovate and develop new solutions, inaccurate estimates or projections of future financial performance, Innovid's failure to manage growth effectively, the dependence of Innovid's revenues and business on the overall demand for advertising and a limited number of advertising agencies and advertisers, the actual or potential impacts of international conflicts and humanitarian crises on global markets, the rejection of digital advertising by consumers, future restrictions on Innovid's ability to collect, use and disclose data, market pressure resulting in a reduction of Innovid's revenues per impression, Innovid's failure to adequately scale its platform infrastructure, exposure to fines and liability if advertisers, publishers and data providers do not obtain necessary and requisite consents from consumers for Innovid to process their personal data, competition for employee talent, seasonal fluctuations in advertising activity, payment-related risks, interruptions or delays in services from third parties, errors, defects, or unintended performance problems in Innovid's platform, intense market competition, failure to comply with the terms of third party open source components, changes in tax laws or tax rulings, failure to maintain an effective system of internal controls over financial reporting, failure to comply with data privacy and data protection laws, infringement of third party intellectual property rights, difficulty in enforcing Innovid's own intellectual property rights, system failures, security breaches or cyberattacks, additional financing if required may not be available, the volatility of the price of Innovid's common stock and warrants, and other important factors discussed under the caption "Risk Factors" in Innovid's Annual Report on Form 10-K filed with the SEC on February 29, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investors Relations section of Innovid's website at investors.innovid.com. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company's control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

About Innovid

Innovid (NYSE:CTV) is a leading enterprise software platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear TV, and digital. Through a global infrastructure that enables cross-platform ad serving, data-driven creative, and measurement, Innovid offers its clients always-on intelligence to optimize advertising investments across channels, platforms, screens, and devices. Innovid is an independent platform that leads the market in converged TV innovation, through proprietary technology and exclusive partnerships designed to reimagine TV advertising. Headquartered in New York City, Innovid serves a global client base through offices across the Americas, Europe, and Asia Pacific. To learn more, visit innovid.com or follow us on LinkedIn or X.

About FTSE Russell

FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.

FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit https://www.lseg.com/en/ftse-russell.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240530451419/en/

Investor Contact

Lauren Hartman – IR@innovid.com

Media Contact

Megan Garnett Coyle – megan@innovid.com

Source: Innovid Corp.

FAQ

When will Innovid be included in the Russell 3000 Index?

Innovid will be included in the Russell 3000 Index on July 1, 2024.

What does inclusion in the Russell 3000 Index mean for Innovid?

Inclusion means Innovid will be part of a broad-market index covering the largest 4,000 US stocks by market capitalization.

How does Innovid's inclusion in the Russell 3000 Index affect its stock?

Inclusion may increase visibility among institutional investors and enhance shareholder value.

What is the significance of the Russell 3000 Index?

The Russell 3000 Index is a widely referenced benchmark for US equity markets, encompassing the largest 4,000 US stocks.

How does FTSE Russell determine membership in its indexes?

FTSE Russell determines membership based on objective, market-capitalization rankings, and style attributes.