American Resources Corporation (NASDAQ:AREC) has announced that it is set to join the Russell Microcap Index.
According to a preliminary list of additions posted on June 4, the company said it will be added at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28.
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, a leading global index provider, determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
READ: American Resources closes $30.1M through direct offering
"We are honored to be joining the Russell Microcap Index,” said CEO Mark Jensen in a statement. "This is a testament to the hard work of our team in building a company founded on bringing an innovative and modernized approach to supplying essential resources to the needs of a cleaner and greener worldwide infrastructure market and a growing electrification market."
Jensen added: “As this represents another milestone for our company, we remain focused and determined in running efficient streamlined operations, bringing innovative and real solutions to some of the national and global supply chain issues we are facing, providing these resources in most sustainable of ways possible and executing for all of our shareholders, stakeholders, customers, and employees alike."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. About $10.6 trillion in assets are benchmarked against Russell's US indexes.
American Resources is focused on extraction and processing of metallurgical carbon, an ingredient used in steelmaking. The US-based firm is also a supplier of critical and rare earth metals for the electrification and new infrastructure sectors.
In early June, it reported the successful recovery of neodymium (rare earth) with a 99.5% purity from waste magnets.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham