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Navitas Semiconductor to be Added to Russell 3000® Index

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Establishes Navitas as emerging leader in high-growth, next-gen power semiconductors with gallium nitride (GaN) and silicon carbide (SiC)

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.

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