Navitas Semiconductor to be Added to Russell 3000® Index
Establishes Navitas as emerging leader in high-growth, next-gen power semiconductors with gallium nitride (GaN) and silicon carbide (SiC)
TORRANCE, Calif., May 22, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the industry-leader in next-generation power semiconductors, announced it will be added as a member of the broad-market Russell 3000® Index, effective after the US market opens on Monday 26th June, as part of the 2023 Russell indexes reconstitution.
Annual reconstitution of the Russell indexes captures the largest US stocks as of April 28th, ranking them by total market capitalization. Membership in the Russell 3000® Index, which remains in place for one year, 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. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
“Inclusion in the Russell 3000 Index is an internationally-recognized growth milestone, highlighting Navitas’ leadership in next-generation power semiconductors and our mission to ‘Electrify Our World’™,” said Gene Sheridan, CEO and co-founder. “New GaN and SiC power technologies are rapidly replacing legacy silicon power chips, to bring more efficient, faster-charging, smaller, lighter, and lower CO2-footprint electronics to market, from EVs and data centers to solar, wind and industrial applications.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include mobile, consumer, data center, EV, solar, wind, smart grid, and industrial. Over 185 Navitas patents are issued or pending. Over 75 million GaN and 10 million SiC units have been shipped, and Navitas introduced the industry’s first and only 20-year GaNFast warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.
About FTSE Russell:
FTSE Russell is a leading global index provider creating and managing a wide range of indexes, data and analytic solutions to meet client needs across asset classes, style and strategies. Covering 98% of the investable market, FTSE Russell indexes offer a true picture of global markets, combined with the specialist knowledge gained from developing local benchmarks around the world.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $16 trillion is currently benchmarked to FTSE Russell indexes. 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 investment funds, ETFs, structured products and index-based derivatives. FTSE Russell indexes also provide clients with tools for asset allocation, investment strategy analysis and risk management.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on index innovation and customer partnership applying the highest industry standards and embracing the IOSCO Principles. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com
Navitas, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor and subsidiaries. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact Information:
Stephen Oliver, VP Corporate Marketing & Investor Relations, [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/18662a42-5650-4706-bdff-a2fa6750e91a
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