Local Bounti Joins the Russell 2000® Index

Rhea-AI Summary

Local Bounti Corporation (NYSE: LOCL) has officially joined the Russell 2000® Index as of June 27, 2022. This update follows the annual reconstitution of the Russell indexes, which ranks the largest U.S. stocks by market capitalization. Inclusion in the Russell 2000 is significant as it provides visibility and credibility to the company among institutional investors, with Russell indexes serving as benchmarks for approximately $12 trillion in assets. Local Bounti specializes in innovative indoor agriculture, using Stack & Flow Technology™ to enhance crop yields while conserving resources.

Positive

• Inclusion in the Russell 2000 Index enhances visibility and credibility among institutional investors.
• Local Bounti's innovative Stack & Flow Technology™ significantly improves crop yields and sustainability.

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• None.

HAMILTON, Mont., June 27, 2022 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL, LOCL.WT) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, today announced that the Company will join the Russell 2000® Index after the conclusion of the 2022 annual reconstitution which will go into effect after the US market opens today, Monday, June 27, 2022.

The annual Russell reconstitution captures the 4,000 largest US stocks as of May 6, ranking those constituents 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.

Russell indexes are widely used by investment managers and institutional investors for index funds, and as benchmarks for active investment strategies. Approximately $12 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 3000® Index and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.

About Local Bounti

Local Bounti is redefining indoor farming with an innovative method – its proprietary Stack & Flow Technology™ – that significantly improves crop turns, increases output and improves unit economics. Local Bounti operates advanced indoor growing facilities across the United States, servicing approximately 10,000 retail doors with its two brands: Local Bounti® and Pete's®.  We grow healthy food utilizing a hybrid approach that integrates the best attributes of controlled environment agriculture with natural elements. Our sustainable growing methods are better for the planet, using 90% less land and 90% less water than conventional farming methods. With a mission to 'bring our farm to your kitchen in the fewest food miles possible,' Local Bounti's food is fresher, more nutritious, and lasts 3 to 5 times longer than traditional agriculture. To find out more, visit localbounti.com or eatpetes.com, or follow Local Bounti on LinkedIn for the latest news and developments.

 

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SOURCE Local Bounti

FAQ

When did Local Bounti join the Russell 2000 Index?

Local Bounti joined the Russell 2000 Index on June 27, 2022.

What is the significance of joining the Russell 2000 Index for LOCL stock?

Joining the Russell 2000 Index enhances visibility, attracting institutional investors and potentially increasing LOCL's stock value.

How much in assets is benchmarked against Russell indexes?

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

What technology does Local Bounti use for indoor farming?

Local Bounti utilizes its proprietary Stack & Flow Technology™ to improve crop turns and output.