Spectral AI Inc (NASDAQ:MDAI) an artificial intelligence company specializing in medical diagnostics for wound care, is set to join the Russell Microcap Index.
The Russell Microcap Index is designed to represent the microcap segment of the U.S. equity market, providing investors with exposure to smaller companies with market capitalizations below the threshold of larger indexes. These companies often have market capitalizations ranging from a few million dollars to around $1 billion.
Spectral AI’s addition will be effective after US markets close on June 28, as part of the annual Russell US Indexes reconstitution.
The reconstitution, which ranks the 4,000 largest U.S. stocks by market capitalization as of April 30, 2024, will see Spectral AI gain automatic inclusion in relevant growth and value style indexes for one year. FTSE Russell determines index membership based on objective, market-capitalization rankings and style attributes.
Spectral AI CEO Peter Carlson told shareholders that the company’s inclusion represents “the latest milestone” in the firm’s evolution.
“We continue to make significant strides toward commercializing our proprietary, AI-driven DeepView System and we are hopeful that Spectral AI’s inclusion in this Index will elevate our profile among a broader group of investment professionals during what we believe is a transformational period in our history,” he said.
DeepView is an AI-powered medical device designed to evaluate the healing potential of wounds. Initially deployed for patients dealing with burns and diabetic foot ulcers, the proprietary system offers rapid assessments, aiding in timely treatment decisions.