Arcadia Biosciences Inc (NASDAQ:RKDA), which focuses on enhancing the quality and nutritional value of crops and food ingredients, has said it is expected to join the small-cap Russell 2000 Index in late June.
The Davis, California-based company which is engaged in pioneering work on crop improvement said Wednesday that its elevation to the index will occur when markets open on June 29 after the Russell US indexes are reconstituted.
Arcadia Biosciences noted that 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 determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
"Arcadia's inclusion in the Russell Microcap Index will increase investor awareness and broaden our investor base at a time when we are focused on scaling revenues through the sales of our GoodHemp and GoodWheat seed and grain, as well as the introduction of our Hawaiian CBD products to the market this year," Arcadia Biosciences CEO Matt Plavan said in a statement.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. About $9 trillion in assets are benchmarked against Russell’s US indexes.
Arcadia Biosciences’ stock was up 1.5% to $4.01 in pre-market trade in New York.
Arcadia’s portfolio of GoodWheat wheat flour ingredients offer healthier enriched and whole-grain wheat options while providing the same baking quality, taste, and texture as traditional wheat with a longer shelf life.
The company's new GoodHemp seed catalog delivers genetically superior hemp seeds, clones, transplants, flower and extracts by channeling the company's proprietary crop innovation technology, ArcaTech.
The California-based company's anticipated move to the popular index comes as demand grows for its GoodWheat and GoodHemp seed and grain products.
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