Here's some bad news for Unilife. Under the guidance of the new management, Unilife's share price has declined to a level that no longer qualifies the Company for inclusion on the Russell 2000 or 3000. The preliminary reconstitution of these indexes was published recently and Unilife has been deleted from both indexes. The new indexes will become final at the end of this week. This is meaningful because any index fund still holding shares in Unilife will be forced to sell those shares. The additions and deletions to the Russell are published early to allow funds to get out or in with minimal disruption to the share price before the final date takes effect. Based on the index fund's original holdings from when Unilife was first listed on the Russell, and adjusted for the 1 for 10 reverse split, index funds will most likely be disposing of approximately 500,000 to 800,000 shares in this period.
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Watch for more Bad News Rising in the next several days.
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