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Vita Coco Joins S&P SmallCap 600 After TEGNA's Merger Exit

A major index shakeup sends Vita Coco's shares climbing. Discover how TEGNA's merger with Nexstar opened the door for this coconut water brand.

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The image shows an old advertisement for Allied Seed Company with a blue ribbon on it. The paper...
The image shows an old advertisement for Allied Seed Company with a blue ribbon on it. The paper has text written on it, likely describing the company's products and services.

Vita Coco Joins S&P SmallCap 600 After TEGNA's Merger Exit

Vita Coco Company (COCO) is set to replace TEGNA (TGNA) in the S&P SmallCap 600 index (VIOO) next week, the S&P Dow Jones Indices announced on Friday, sending shares of the coconut water brand higher in after-hours trading.

Shares of Vita Coco (COCO) added 5% in the post-market in reaction to the move, which is scheduled to take place before the market opens on Mar. 25.

Index additions often lead to additional buying before the effective date of the changes, as funds that track the benchmark indices adjust holdings to reflect the new constituents.

TEGNA's (TGNA) exclusion from the S&P SmallCap 600 index (VIOO) comes after the company completed its $6.2B merger with rival broadcast station group Nexstar Media (NXST) on Mar. 20.

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