Benzinga | Jun 8, 2021 09:26AM EDT

Arcimoto To Be Added To Russell 2000 And Russell 3000 Indexes Starting June 28

Arcimoto, Inc.(r) (NASDAQ:FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, announced today that it is set to join the Russell 2000(r) and Russell 3000(r) Indexes at the conclusion of the Russell US Indexes annual reconstitution, effective at the opening of the US equity markets on Monday, June 28, 2021.

FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes. Membership in the Russell 2000(r) Index, which remains in place for one year, is based on membership in the broad-market Russell 3000(r) Index. FUV stock will also be automatically added to the appropriate growth and value indexes.

"Our inclusion on the Russell 2000 and 3000 Indexes is a testament to the extraordinary efforts of the Arcimoto team in the advancement of the Company's mission," said Arcimoto Founder and CEO Mark Frohnmayer. "Most recently we reported our strongest quarter in Company history for Q1 2021. 2021 is the year Arcimoto will lay the groundwork for its next decade of growth, and we believe our timely membership in the Russell indexes will further raise the visibility of our investment profile and lead to greater awareness of our brand and mission in the rapid evolution of sustainable transportation."

Recent progress and achievements made by the Company include:

* Expanding the Arcimoto platform family with the launch of production pilots of both the Rapid Responder, developed for first responders and security uses, and the Deliverator, targeting last-mile delivery and general fleet utility uses. Additionally, the Company debuted the Arcimoto Roadster, an open-air all-electric road trike, and unveiled the Cameo, a product concept targeting the film and influencer industry.

* Closed purchase of new manufacturing plant, the rAMP. With a facility footprint of approximately 210,000 square feet across 10.7 acres, the Company is targeting a manufacturing capacity of 50,000 units per year once fully operational.

* Achieving the strongest financial foundation in Company history as of year-end 2020 and the first quarter of 2021. Moving to the Nasdaq Global Market from the Nasdaq Capital Market, reflective of the significant growth of Arcimoto's business and market capitalization. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 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 indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website. For the latest company updates, follow Arcimoto on YouTube, Facebook, Instagram, Twitter, and LinkedIn. A replay of the Company's latest quarterly earnings webinar can be viewed here. For more information, visit Arcimoto.com.