PowerFleet (PWFL) to Join Russell 2000 Index

Powerfleet, Inc. (Nasdaq: PWFL) today announced that they are set to join the small-cap Russell 2000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, 2024, according to a preliminary list of additions posted Friday, May 24, 2024.

Additionally, to reflect its position as a top-tier global artificial intelligence of things (AIoT) software-as-a-service (SaaS) provider, Powerfleet will change its ticker symbol to "AIOT" on The Nasdaq Global Market, also effective with the opening of trading on Monday, July 1, 2024.

"Achieving a place in the Russell 2000® Index is a testament to Powerfleet's evolution, newly scaled business, and deepening penetration of blue-chip customers worldwide as we pursue our strategy to meet and beat SaaS Rule of 40 metrics in two years through integration and growth," said Steve Towe, Powerfleet's Chief Executive Officer. "Our symbol change to 'AIOT' mirrors our unique identity in our large addressable global market as we drive meaningful business change for customers through Unity, our IoT device-agnostic and AI-led data highway, and unlock additional value creation opportunities for our shareholders."

The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, 2024, ranking them by total market capitalization. For more information on the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.

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