It is important to note that the forward-looking statements contained in the press release, such as the timing of the distribution of additional shares and the commencement of trading following the split, are subject to risks and uncertainties. This could cause actual results to differ materially from those anticipated. CorVel, which maintains an impressive financial health score according to InvestingPro Analysis It has achieved revenue growth of 12.66% in the past twelve months, and has identified these risks in its annual and quarterly reports filed with the Securities and Exchange Commission. The Company states that it will not update forward-looking statements to reflect events or circumstances. After the date of its preparation, except as required by law. This announcement is based on a CorVel press release.
As of Monday, for every share of CorVel common stock, shareholders will now own three shares. The additional shares are scheduled to be distributed today, and post-split trading is expected to begin on Nasdaq on Thursday, December 26, 2024.
This strategic move aims to make CorVel shares more accessible to a broader investor base by lowering the stock price without impacting the company's market value. Stock splits are often used by companies that have experienced significant increases in their stock prices, making them more attractive to individual investors.
It is important to note that the forward-looking statements contained in the press release, such as the timing of the distribution of additional shares and the commencement of trading following the split, are subject to risks and uncertainties. This could cause actual results to differ materially from those anticipated. CorVel has identified these risks in its annual and quarterly reports filed with the Securities and Exchange Commission.
The Company stated that it will not update forward-looking statements to reflect events or circumstances after the date on which they are made, except as required by law. This announcement is based on a CorVel press release.
In other recent news, CorVel announced a three-for-one futures stock split. This decision, approved by the Board of Directors, includes a proportional increase in the number of authorized shares of common stock. The stock split is contingent on the company's amended and restated fourth certificate of incorporation, which is expected to be filed soon. Thereafter, each share of common stock held on the record date will be converted into three shares of common stock.
CorVel President, CEO and Chairman of the Board of Directors, Michael J. Combs, explained that the move was the result of significant growth in the company's stock price in recent years, which was attributable to strong financial performance and strategic initiatives. The split is intended to make the company's shares 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 company's latest developments. 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 described in CorVel's annual report and other SEC filings.
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