Benzinga | Jun 8, 2021 10:57AM EDT

Red Cat Holdings Set To Join Russell Microcap Index June 28

Red Cat Holdings, Inc. (NASDAQ:RCAT) ("Red Cat'' or the "Company"), a hardware enabled software provider to the drone industry, announced that it has been selected to join the Russell Microcap(r) Index at the conclusion of the 2021 annual reconstitution, effective after the US market opens on June 28, according to a preliminary list of additions posted by FTSE Russell on Friday, June 4, 2021.

Membership in the Russell Microcap(r) Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

"We are excited to join the Russell 3000 index which is recognized as holding shares in the most promising, emerging technology companies," stated Jeffrey Thompson, Chief Executive Officer. "The drone industry is forecast to grow significantly over the next decade and Red Cat is positioned to be a leading facilitator of that growth."

"Our shareholders will benefit from an increase in demand and liquidity in our common stock as index funds replicate the new holdings in the Russell index," stated Joseph Hernon, Chief Financial Officer. "Our inclusion in the Microcap index represents another step forward in our mission to be a leader in the drone industry."

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. 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.