JOANN set to join Russell 2000® Index

Rhea-AI Summary

JOANN Inc. (NASDAQ: JOAN) has officially joined the Russell 2000® Index as of June 28, 2021. This inclusion is a significant step for the company, enhancing its visibility among investors and affirming its position as a leader in the sewing and crafts market. The Russell 2000® membership remains valid for one year and aligns JOANN with growth and value style indexes. Approximately $10.6 trillion in assets reference the Russell indexes, making this inclusion a notable validation of JOANN's recent public listing and business growth.

Positive

• Inclusion in the Russell 2000® Index enhances visibility with investors.
• Validates JOANN's progress as a newly public company.

Negative

• None.

HUDSON, Ohio, June 28, 2021 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN”), the nation’s category leader in sewing and one of the fastest growing competitors in the arts and crafts category, announced that it has formally joined the Russell 2000^® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28.

Membership in the Russell 2000^® 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 pleased to be part of the Russell 2000^® following our recent listing on NASDAQ,” said Wade Miquelon, President and Chief Executive Officer of JOANN. “The inclusion of JOANN increases our visibility with investors. It is also a strong validation of the progress we’ve made as a newly public company and as the nation’s largest fabric and crafts retailer.”

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 US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 2000^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About JOANN:

For more than 75 years, JOANN has inspired creativity in the hearts, hands, and minds of its customers. From a single storefront in Cleveland, Ohio, the nation’s category leader in sewing and fabrics and one of the fastest growing competitors in the arts and crafts industry has grown to include 855 stores across 49 states and robust e-commerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single source for all of the supplies, guidance, and inspiration needed to achieve any project or passion.

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 $17.9 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.

Investor Relations Contacts:
Ajay Jain
Ajay.Jain@joann.com
330-463-8585

Tom Filandro; ICR, Inc.
JoannIR@icrinc.com
646-277-1235

Corporate Communications:
Amanda Hayes
amanda.hayes@joann.com
216-296-5887

FAQ

What is the significance of JOANN's inclusion in the Russell 2000® Index?

JOANN's inclusion increases its visibility to investors and validates its growth as a major player in the sewing and crafts market.

When did JOANN join the Russell 2000® Index?

JOANN officially joined the Russell 2000® Index on June 28, 2021.

How does being part of the Russell 2000® Index affect JOANN?

Membership in the Russell 2000® Index provides JOANN with automatic inclusion in relevant growth and value style indexes, potentially attracting more institutional investment.

What is the market capitalization importance for JOANN regarding the Russell Index?

FTSE Russell primarily uses market capitalization rankings to determine membership, indicating JOANN's significant market position.

How much in assets are benchmarked against Russell's US indexes?

Approximately $10.6 trillion in assets are benchmarked against Russell's US indexes.