Avepoint Inc (NASDAQ:AVPT) shares climbed 4.3% in premarket trading Wednesday following an announcement that the enterprise software provider will join the S&P SmallCap 600 index. S&P Dow Jones Indices revealed the rebalancing move late Tuesday, confirming that AvePoint will replace real estate investment trust LXP Industrial Trust prior to the market open on Monday, Nov. 2.
The index adjustment stems from corporate activity at LXP Industrial Trust (NYSE:LXP), which is set to be acquired by Brookfield Asset Management and Canada Pension Plan Investment Board in a pending transaction. In turn, AvePoint's addition provides the data management and artificial intelligence governance platform with mandatory visibility and demand from passive index-tracking funds benchmarked to the small-cap gauge.
The index promotion arrives at an opportune moment for the information technology firm as it prepares to report its third-quarter financial performance on Thursday, Nov. 5. Market participants will likely focus on whether AvePoint's AI-readiness, governance, and data security offerings for cloud environments continue to generate top-line expansion against an increasingly competitive enterprise software backdrop.
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