Ticker Symbol Changing to AIOT with
July 1st Market
Open
WOODCLIFF LAKE, N.J., June 10,
2024 /PRNewswire/ -- 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.
ABOUT POWERFLEET
Powerfleet (Nasdaq: PWFL; JSE: PWR;
TASE: PWFL) is a global leader in the artificial intelligence of
things (AIoT) software-as-a-service (SaaS) mobile asset industry.
With more than 30 years of experience, Powerfleet unifies business
operations through the ingestion, harmonization, and integration of
data, irrespective of source, and delivers actionable insights to
help companies save lives, time, and money. Powerfleet's ethos
transcends our data ecosystem and commitment to innovation; our
people-centric approach empowers our customers to realize impactful
and sustained business improvement. The company is headquartered in
New Jersey, United States, with offices around the globe.
Explore more at www.powerfleet.com.
ABOUT FTSE RUSSELL
FTSE Russell is a leading global
provider of benchmarking, analytics, and data solutions for
investors, giving them a precise view of the market relevant to
their investment process. A comprehensive range of reliable and
accurate indexes provides investors worldwide with the tools they
require to measure and benchmark markets across asset classes,
styles, or strategies.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. For over 30 years,
leading asset owners, asset managers, ETF providers and investment
banks have chosen FTSE Russell indexes to benchmark their
investment performance and create ETFs, structured products, and
index-based derivatives.
FTSE Russell is focused on applying the highest industry
standards in index design and governance, employing transparent
rules-based methodology informed by independent committees of
leading market participants. FTSE Russell fully embraces the IOSCO
Principles, and its Statement of Compliance has received
independent assurance. Index innovation is driven by client needs
and customer partnerships, allowing FTSE Russell to continually
enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit
https://www.lseg.com/en/ftse-russell.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of federal securities laws. All statements contained in
this press release that do not relate to matters of historical fact
should be considered forward-looking statements. For example,
forward-looking statements include, without limitation, statements
regarding the expectation that Powerfleet will join the small-cap
Russell 2000® Index and the anticipated timing of the Company's
ticker symbol change to "AIOT" on The Nasdaq Global Market. These
forward-looking statements are based on management's current
expectations. These statements are neither promises nor guarantees
and are subject to risks described from time to time in the
periodic reports filed by Powerfleet with the Securities and
Exchange Commission ("SEC"), including but not limited to those
described under the heading "Risk Factors" in its annual reports on
Form 10-K, quarterly reports on Form 10-Q and any other filings
made with the SEC from time to time, which are available via the
SEC's website at http://www.sec.gov. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove to be incorrect, actual results may vary
materially from those indicated or anticipated by these
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements.
The forward-looking statements included in this press release
are made only as of the date of this press release, and except as
otherwise required by applicable securities law, Powerfleet assumes
no obligation, nor does Powerfleet intend to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com
Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999
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SOURCE Powerfleet