russel 2000 We believe that QIPT is a likely candidate to be added to the Russell 2000 Index during its annual reconstitution process,
based on the substantial increase in its market cap compared to last year. New additions to the index begin to be announced
publicly on May 19 (this Friday; see Figure 3). With $275 B of passive index funds tracking the index, we estimate that QIPT's
inclusion could create 4.4 MM shares (22 trading days) worth of demand based on QIPT's estimated weighting in the index
(Figure 2). Relatively thin trading volume in QIPT shares has the potential to exacerbate a supply/demand imbalance. This
catalyst dovetails with QIPT's announcement this month that it received conditional approval to graduate from the TSXV to
the TSX, which could likewise improve liquidity and institutional participation