It's important to note that forward-looking statements in the press release, such as the timing of the distribution of additional shares and the commencement of post-split trading, are subject to risks and uncertainties. These could cause actual results to differ materially from those projected. CorVel, which maintains a GREAT financial health score according to InvestingPro analysis and has achieved 12.66% revenue growth in the last twelve months, has outlined these risks in its annual and quarterly reports filed with the Securities and Exchange Commission.The company has stated that it will not update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. This announcement is based on a press release statement from CorVel Corporation.
As of Monday, for every share of CorVel's common stock held, shareholders will now own three shares. The distribution of the additional shares is scheduled for today, with post-split trading on the NASDAQ expected to commence on Thursday, December 26, 2024.
This strategic move aims to make CorVel's stock more accessible to a broader base of investors by lowering the price per share without affecting the company's market capitalization. Stock splits are often employed by companies that have seen substantial increases in their share price, making it potentially more attractive to individual investors.
It's important to note that forward-looking statements in the press release, such as the timing of the distribution of additional shares and the commencement of post-split trading, are subject to risks and uncertainties. These could cause actual results to differ materially from those projected. CorVel has outlined these risks in its annual and quarterly reports filed with the Securities and Exchange Commission.
The company has stated that it will not update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. This announcement is based on a press release statement from CorVel Corporation.
In other recent news, CorVel Corporation has announced a three-for-one forward stock split. This decision, approved by the Board of Directors, also includes a proportional increase in the number of authorized shares of common stock. The stock split is contingent upon an amendment to the company's Fourth Amended and Restated Certificate of Incorporation, which is expected to be filed soon. Following this, each common stock share held on the record date will be converted into three shares of common stock.
CorVel's President, CEO, and Chairman, Michael G. Combs, explained that this move is a result of the company's substantial stock price growth in recent years, credited to strong financial performance and strategic initiatives. The split is intended to make the company's stock more accessible to potential investors.
The stock is expected to begin trading on a post-split adjusted basis soon, subject to final approval by the Nasdaq Global Select Market. These are part of the recent developments in the company. However, it is important to note that the company's press release contains forward-looking statements that are subject to risks and uncertainties. Investors are advised to consider the risk factors outlined in CorVel's Annual Report and other SEC filings.
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