On June 9, 2021 Lineage Cell Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, reported that it is set to join the broad-market Russell 3000 Index as well as the Russell Microcap Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on June 28, 2021, according to a preliminary list of additions posted on June 4, 2021, by FTSE Russell, a leading global index provider (Press release, Lineage Cell Therapeutics, JUN 9, 2021, View Source [SID1234583743]).
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Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 7, 2021, ranking them by total market capitalization. Membership in the U.S. all-cap 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. Membership in the Russell Microcap 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.
"Lineage’s inclusion on the preliminary list of additions to the Russell 3000 Index and the Russell Microcap Index reflects progress we have made to establish ourselves as a leader in cell therapy and regenerative medicine," stated Brian M. Culley, Lineage’s CEO. "During the past year, we have delivered significant clinical, manufacturing, and business milestones which have created considerable value for our shareholders, and we intend to be diligent in our efforts to benefit from the explosive growth we believe the field of cell therapy will experience in the months and years ahead. We believe our inclusion in the Russell indexes will help broaden awareness of Lineage’s corporate mission and objectives among a wider audience of investors and help drive an increase in the liquidity of our stock."
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.