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IRVINE, CA - Foxx Development Holdings Inc. (NASDAQ:FOXX), a key player in consumer electronics and integrated Internet-of-Things (IoT) solutions, is set to join the Russell Microcap® Index as part of the index’s annual reconstitution, effective after the U.S. market close on June 27. This inclusion marks a significant milestone for the company, reflecting its financial performance and growth potential.
The Russell Microcap® Index, which undergoes a complete reconstitution each year, ensures that it accurately represents the segment of the market consisting of smaller-cap companies. Foxx Development’s eligibility for the index was determined by meeting specific market capitalization and liquidity criteria, positioning it among a select group of emerging growth companies.
Greg Foley, CEO of Foxx Development, expressed that inclusion in the index is an honor and a validation of the company’s progress in the consumer electronics and IoT sectors. He anticipates that this new status will increase visibility among institutional investors, potentially leading to increased liquidity for the company’s shares.
Foxx Development serves both retail and institutional clients, offering a range of products including mobile phones, tablets, and other consumer electronics in the United States. The company is also expanding its portfolio to include comprehensive communication terminals and IoT solutions.
The inclusion in the Russell Microcap® Index is anticipated to attract the attention of index funds and ETFs that replicate small-cap benchmarks, which could result in automatic share purchases of Foxx Development, thereby potentially enhancing the company’s liquidity.
This move comes as part of Foxx Development’s broader strategy to strengthen its market presence and foster long-term partnerships with mobile network operators, distributors, and suppliers worldwide. The information regarding Foxx Development’s inclusion in the Russell Microcap® Index is based on a press release statement from the company.
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