PFSweb Added to Russell 3000® Index

Rhea-AI Summary

PFSweb, Inc. (NASDAQ: PFSW) has been added to the Russell 3000® Index, effective June 27, 2022. This inclusion is part of the annual reconstitution process that ranks the largest U.S. stocks by market capitalization. CEO Mike Willoughby noted that this milestone reflects the company's strategy to enhance shareholder value, especially following the sale of its LiveArea business. PFSweb aims to expand its fulfillment capabilities within the eCommerce sector. The Russell 3000® Index represents a significant benchmark, with $12 trillion in assets linked to it.

Positive

• Inclusion in the Russell 3000® Index indicates PFSweb's growth and market recognition.
• Reflects successful execution of a strategy aimed at maximizing shareholder value post-LiveArea sale.

Negative

• None.

ALLEN, Texas, June 27, 2022 (GLOBE NEWSWIRE) -- PFSweb, Inc. (Nasdaq: PFSW) (the “Company”), a global commerce services company, will join the broad-market Russell 3000^® Index at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opens on June 27.

Annual reconstitution of the Russell indexes captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalization. Membership in the 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.

“Joining the Russell 3000^® Index further illustrates the success and execution of our targeted strategy to maximize shareholder value,” said Mike Willoughby, CEO of PFSweb. “Following the sale of our LiveArea business last year, we have worked diligently to become a leaner, more fulfillment-oriented company. Looking ahead, we aim to support our continued growth by augmenting our fulfillment footprint and leveraging demand tailwinds within the eCommerce landscape, while also continuing to work on a full range of strategic alternatives for our PFS business.”

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 PFS
PFS, the business unit of PFSweb, Inc. (NASDAQ: PFSW) is a premier eCommerce order fulfillment provider. We facilitate each operational step of an eCommerce order in support of DTC and B2B retail brands and specialize in health & beauty, fashion & apparel, jewelry, and consumer packaged goods. Our scalable solutions support customized pick/pack/ship services that deliver on brand ethos with each order. A proven order management platform, as well as high-touch customer care, reinforce our operation. With 20+ years as an industry leader, PFS is the BPO of choice for brand-centric companies and household brand names, such as L’Oréal USA, Champion, Pandora, Shiseido Americas, Kendra Scott, the United States Mint, and many more. The Company is headquartered in Allen, TX with additional locations around the globe. For more information, visit www.pfscommerce.com or ir.pfsweb.com for investor information.

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.

Forward-Looking Information
This press release contains forward-looking information under the Private Securities Litigation Reform Act of 1995 and is subject to and involves risks and uncertainties, which could cause actual results to differ materially from the forward-looking information. You can identify these forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “potential,” “project,” “seek,” “strive,” “predict,” “continue,” “target,” “estimate”, and other similar expressions. These forward-looking statements involve risks and uncertainties and may include assumptions as to how we may perform in the future, the impact of the COVID-19 pandemic on our business and results of operations, and global economic conditions. Although we believe the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee these expectations will actually be achieved. The Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and our quarterly reports on Form 10-Q identify certain factors that could cause actual results to differ materially from those projected in any forward looking statements made and investors are advised to review the periodic reports of the Company and the Risk Factors described therein.

The Company undertakes no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available or other events occur in the future. There may be additional risks that we do not currently view as material or that are not presently known.

Investor Relations:
Cody Slach and Jackie Keshner
Gateway Group, Inc.
1-949-574-3860
PFSW@gatewayir.com

 

FAQ

What does PFSweb's inclusion in the Russell 3000® Index mean for investors?

Inclusion offers increased visibility and may attract institutional investors, potentially enhancing the stock's performance.

When did PFSweb join the Russell 3000® Index?

PFSweb joined the Russell 3000® Index effective June 27, 2022.

How does joining the Russell 3000® Index affect PFSweb's stock?

It may lead to increased trading volume and interest from institutional investors, impacting stock liquidity and valuation positively.

What is the significance of the Russell 3000® Index for PFSweb?

The Russell 3000® Index includes the largest U.S. stocks, which enhances PFSweb's market visibility and credibility.

What are PFSweb's growth plans following its inclusion in the Russell 3000® Index?

PFSweb aims to expand its fulfillment operations and explore strategic alternatives for further growth.