Can we draw the following hypothesis from the context?

Context:

Mindless Self Indulgence (often shortened to MSI) is an American electropunk band formed in New York City in 1997. Their music has a mixed style which includes punk rock, alternative rock, electronica, techno, industrial, hip hop and breakbeat hardcore. Their group name is derived from an Ayn Rand quote found in the book "Atlas Shrugged".

Hypothesis: The band formed in New York city.
Yes