DALLAS, TX / ACCESSWIRE / May 22, 2023 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company"), a leading provider of re-commerce services, enabling a better world by extending the useful lives of goods within the circular economy, is set to rejoin the broad-market Russell 3000® Index at the conclusion of the 2023 Russell indexes annual reconstitution, effective after the US market opens on June 26, according to a preliminary list of additions posted May 19.
Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of April 28, ranking them by total market capitalization. Membership in the US 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. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
"Envela's re-inclusion in this select group is a meaningful accomplishment and we are grateful to be a part of the Russell 3000® Index," said John Loftus, Envela's Chairman and CEO. "It is a testament to our achievements within the circular economy and unwavering commitment to a more sustainable today and tomorrow. We welcome the enhanced visibility and recognition this brings and will continue to build upon our successful track record."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 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 3000® Index and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.
Envela empowers buyers and sellers to extend the useful lives of specialty and durable goods; and seize retail, recycling, and reverse-logistics supply-chain opportunities. This process is called "re-commerce", financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, Consumer and Commercial. The Consumer segment operates retail stores and online sites offering premium brands and luxury hard assets. Commercial segment offers custom re-commerce solutions to meet the needs of diverse clients, including Fortune 500 companies.
About FTSE Russell:
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FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.
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For more information, visit www.ftserussell.com.
This press release includes statements that may constitute "forward-looking" statements, including statements regarding possible inclusion in the Russell Indexes, the potential effect of such inclusion, acquisitions, financial outlook, and the potential future success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
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SOURCE: Envela Corporation
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