Piedmont Lithium Inc (ASX:PLL, NASDAQ:PLL, XETRA:) has been added to the small cap US Russell 2000® Index and the Russell Microcap Index as part of the 2022 Russell indexes reconstitution. This is a key milestone for PLL as it looks to engage with the broader US investment community.
The company’s placement to the Russell 2000 will stay in place for 12 months and is based on membership in the broad-market Russell 3000® Index.
Membership in the Russell 3000® Index, which also has a one-year lifespan, 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.
Annual reconstitution of the Russell indexes captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalisation.
Shares now held by several funds
“We are extremely pleased to have been added as a member of the US Russell 2000® Index,” Piedmont Lithium CEO Keith Phillips said.
“One of the objectives of our redomiciling in 2021 was to qualify for important stock indices that require US domiciliation.
"Piedmont shares are now held by many index funds, including those managed by State Street, Vanguard, Blackrock and others, and we hope that these long-term holders will support our shareholder value creation objectives in the longer run.”
About Piedmont Lithium
Piedmont is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net-zero world and the creation of a clean energy economy in North America.
The company aims to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate. Its projects include the wholly-owned Carolina Lithium and LHP-2 Projects in the United States and partnerships in Quebec with Sayona Mining and in Ghana with Atlantic Lithium.
In late June, PLL welcomed the move by Sayona Quebec Inc, which is 75%-owned by Sayona Mining Ltd and 25% by Piedmont, to restart the North American Lithium (NAL) Project near Val-d’Or, Quebec, Canada.
Read: Piedmont Lithium welcomes formalization of North American Lithium restart in Quebec