Enovix Corporation to Join Russell 2000® and 3000® Indexes

Rhea-AI Summary

Enovix Corporation (Nasdaq: ENVX) announced its inclusion in the Russell 2000® and 3000® Indexes, effective June 27, 2022. This decision reflects Enovix's market capitalization ranking among the 4,000 largest U.S. stocks as of May 6.

The Russell indexes, which manage approximately $12 trillion in assets, are commonly used by institutional investors. CFO Steffen Pietzke noted that this milestone enhances the company's visibility in the investment community, underscoring investors' confidence in Enovix's potential.

Positive

• Inclusion in the Russell 2000® and 3000® Indexes enhances visibility and credibility.
• Membership indicates strong market capitalization, promoting investor confidence.

Negative

• None.

FREMONT, Calif., June 22, 2022 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX) the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, today announced that it is set to be added as a member of the Russell 2000^® and 3000^® Indexes, effective after the U.S. market opens on June 27, according to a updated membership list of additions posted by FTSE Russell on June 17, 2022.

Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 6, ranking them by total market capitalization. Membership in the U.S. 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 pleased to join the Russell Indexes within less than a year of our public debut,” said Steffen Pietzke, Chief Financial Officer of Enovix. “Our inclusion validates the potential we believe investors see in Enovix and will further increase the overall awareness and visibility of our stock within the investment community.”

The Russell U.S. indexes are widely used by institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading 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.

About Enovix

Enovix is the leader in advanced silicon-anode lithium-ion battery development and production. The company's proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon-anode lithium-ion battery production facility in the U.S. for volume production. The company's initial goal is to provide designers of category-leading mobile devices with a high-energy battery so they can create more innovative and effective portable products. Enovix is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable widespread utilization of renewable energy. For more information, go to www.enovix.com.

About FTSE Russell:

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. 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.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.com.

For investor and media inquiries, please contact:

Enovix Corporation
Charles Anderson
Phone: +1 (612) 229-9729
Email: canderson@enovix.com

Or

The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.com

For media inquiries, please contact:

Enovix Corporation
Kristin Atkins
Phone: +1 (650) 815-6934
Email: katkins@enovix.com

FAQ

When will Enovix be added to the Russell Indexes?

Enovix will be added to the Russell 2000® and 3000® Indexes on June 27, 2022.

What does inclusion in the Russell 3000® Index mean for ENVX?

Inclusion in the Russell 3000® Index indicates strong market capitalization and increases stock visibility among institutional investors.

How much assets are benchmarked against the Russell indexes?

Approximately $12 trillion in assets are benchmarked against the Russell U.S. indexes.

What is the significance of Enovix joining the Russell Indexes?

Joining the Russell Indexes validates investor confidence in Enovix and enhances its visibility in the investment community.