SRAX Inc. has reconstituted its LD Micro Index, a fund comprising nearly 1,200 microcap companies in the U.S. and Canada.The Westlake Village data firm added 423 companies with market caps between $50 million and $300 million to the index in the reconstitution. The index is reconstituted annually.Its active constituents have an average market cap of $149 million and are heavily concentrated in the health care, mineral and finance sectors, which respectively account for 23 percent, 17 percent and 16 percent of the fund’s $177 billion total market cap.Shares trade on the New York Stock Exchange for around $4,114.LD Micro President Chris Lahiji said in a statement he couldn’t believe the index’s activity in the past year.“The LD Micro Index has more than tripled from its March 2020 lows. The tiniest public companies were also some of the biggest winners last year, and already year-to-date. As each day goes by, the index becomes more and more consequential to the next generation of great companies,” he said.LD Micro was founded in 2006 as an independent resource for micro-cap investors. It began as a newsletter highlighting companies, then grew into a series of virtual and in-person events and conferences. SRAX acquired the company last September for $4 million cash plus 1.6 million shares of stock.The flagship LD Micro event, held once a year, is now a virtual event on SRAX’s Sequire software platform, which provides data and insights on publicly traded companies.Shares of SRAX (SRAX) closed Monday up 28 percent, or $1.12, to $5.18 on the Nasdaq.
