Phunware set to join Russell Microcap Index in profile-raising move

Phunware, Inc. (NASDAQ:PHUN) has said it is set to join the Russell Microcap Index at the conclusion of the 2021 Russell indexes annual reconstitution in a move that will raise its profile with investors. The inclusion will take effect after the US market opens on June 28, according to a preliminary list of additions. Phunware is a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data, and services for brands worldwide. Joining the Russell Microcap Index means automatic inclusion in the appropriate growth and value style indexes, which are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. READ: Phunware releases new mobile app PhunWallet on Google Play for Android “It is a pleasure to join the Russell Microcap Index, as it will help develop our equity profile across the broader investment community,” Phunware president, CEO and co-founder Alan S. Knitowski said in a statement. “This milestone is an encouraging next step of growth in our capital markets journey, in parallel with the progressing trajectory of our operational business. With the recent debut of our PhunWallet app, and the successful launch of our first major global distribution agreement with a large publicly-traded technology company, we are now poised for a successful 2021 and beyond.” 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. Membership for its indexes is determined primarily by objective, market-capitalization rankings and style attributes and remains in place for one year. Phunware is the pioneer of Multiscreen-as-a-Service (MaaS), which helps companies engage, manage and monetize their mobile application portfolios and audiences globally at scale. It helps the world’s most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month. Contact the author at stephen.gunnion@proactiveinvestors.com