AvePoint to Join S&P SmallCap 600, Replacing LXP Industrial Trust
AvePoint Inc. will enter the S&P SmallCap 600 on Nov. 2 after LXP Industrial Trust is acquired and removed from the index.
AvePoint Inc. (NASD: AVPT) is set to join the S&P SmallCap 600 index effective prior to the open of trading on Monday, November 2, replacing LXP Industrial Trust (NYSE: LXP), which is being removed following an acquisition, S&P Dow Jones Indices announced.
Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board are acquiring LXP Industrial Trust, triggering the industrial real estate company's removal from the benchmark small-cap index. Index changes of this type are standard procedure when a constituent is taken private or absorbed through a corporate transaction.
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AvePoint, a data management and cloud software company traded on the Nasdaq, stands to benefit from the inclusion, as index additions typically draw passive investment inflows from funds that track the S&P SmallCap 600. The index serves as a widely followed benchmark for smaller U.S.-listed companies.
Inclusion in a major S&P index can elevate a company's visibility among institutional investors and analysts, and often precedes increased trading volume in the days surrounding the effective date. Market participants tracking small-cap allocations will be adjusting portfolios ahead of the November 2 open.
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