U.S.-based marine energy company Ocean Power Technologies (OPT) has increased its exposure to potential institutional investors with the listing on London Stock Exchange-owned FTSE Russell Microcap Index.
The listing on the Russell Microcap Index will become effective after the market opens on 28 June 2021, according to OPT.
FTSE Russell is a global provider of innovative benchmarking, analytics, and data solutions for investors worldwide.
It calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
Membership in the Russell Microcap Index means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell annually determines membership for its indexes primarily by objective, market capitalization rankings, and style attributes.
Philipp Stratmann , president and CEO of OPT, said: “OPT’s inclusion in the Russell Microcap Index is testament to the company’s growth potential. We believe that the awareness of being included in Russell indexes will not only benefit our existing shareholders but will lead to greater exposure to potential institutional investors”.
OPT has developed PowerBuoy platform which provides clean electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore energy, defense and security, science and research, and communications.
To remind, OPT recently named Philipp Stratmann as the company’s new president and CEO, and a director, along with making other executive management changes .
Earlier in June, the company also announced plans to change its listing from the Nasdaq Capital Market to the NYSE American stock exchange.