Powerfleet Set to Join Russell 2000® Index

Company Overview - Powerfleet, Inc. is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry, with over 30 years of experience in unifying business operations through data integration and actionable insights [2][13]. - The company is headquartered in New Jersey, United States, and has a commitment to innovation and a people-centric approach that empowers customers to achieve sustained business improvement [2]. Market Position and Developments - Powerfleet is set to join the small-cap Russell 2000® Index effective July 1, 2024, which reflects its evolution and deepening penetration of blue-chip customers globally [2][13]. - The ticker symbol for Powerfleet will change to "AIOT" on The Nasdaq Global Market, effective with the market opening on July 1, 2024, aligning with its identity in the AIoT sector [7][13]. Strategic Goals - The company aims to meet and exceed the SaaS Rule of 40 metrics within two years through integration and growth strategies [2]. - Powerfleet's strategy focuses on driving meaningful business change for customers through its IoT device-agnostic and AI-led data highway, Unity, which unlocks additional value creation opportunities for shareholders [2]. Industry Context - FTSE Russell indexes are widely used by institutional and retail investors for benchmarking investment performance and creating ETFs, structured products, and index-based derivatives [3][9]. - The Russell US Indexes annual reconstitution captures the 4,000 largest US stocks, ranking them by total market capitalization, which is significant for investors and market participants [14].