Life360 to join Russell 2000 and 3000 indices
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The news: ASX-listed technology company Life360, which listed on the Nasdaq in June, will join the Russell 2000 and Russell 3000 indices as part of the quarterly Russell US Index initial public offering additions.
The numbers: Life360 shares lifted 0.5% to $16.89 on the ASX at market open, having gained more than 120% since January.
The Russell 3000 Index, which is designed to represent approximately 98% of the investable US equity market, is divided into two subindices.
The Russell 1000 tracks the 1,000 stocks from the Russell 3000 index with the largest market caps. The Russell 2000 tracks the mid-cap and small-cap stocks from the Russell 3000, comprising around 2,000 of the smallest securities based on a combination of their market cap and current index membership.
The context: California-based Life360, maker of the family tracking app of the same name, will join the indices after the US market opens on 23 September.
Membership in the US Russell 3000 Index, which remains in place for one year, means automatic inclusion in the small-cap Russell 2000 Index, as well as the related growth and value style indices.
Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
What they said: "The addition of Life360 to the Russell 2000 and 3000 Indexes is a key achievement and a testament to our continued growth and progress as a public company," said Life360's co-founder and CEO Chris Hulls.
"We are excited to join the notable companies in the Russell 2000 and 3000 portfolios and look forward to the increased exposure to investors of our vision to provide a comprehensive solution to staying connected and protecting what matters most to families," he said.
The source: ASX announcement
