CorVel Corporation Board Approves Forward Stock Split and Authorized Share Increase

On December 13, 2024, CorVel Corporation (NASDAQ: CRVL) announced that its board of directors has approved a three-for-one forward stock split (Stock Split) of the company’s common stock, along with a proportionate increase in the number of authorized shares of Common Stock from 120,000,000 shares to 360,000,000 shares (Authorized Share Increase).

The Company is set to file an amendment to its Fourth Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware by December 24, 2024, to implement the Stock Split and Authorized Share Increase. No stockholder meeting or vote is required for this filing, as stated under Section 242(d)(1) of the Delaware General Corporation Law.

Following the filing and effectiveness of the Charter Amendment on December 23, 2024, for the Stock Split record date, each outstanding share of Common Stock or treasury stock will be subdivided and reclassified into three shares of Common Stock, without any change in the par value of the Common Stock or the Preferred Stock.

Trading post-Stock Split is expected to commence at market open on December 26, 2024, pending final approval by the Nasdaq Global Select Market. The Stock Split will entail proportional adjustments to the number of shares of Common Stock issuable under the Company’s equity incentive plans, outstanding equity awards, and the exercise price of existing stock options.

The Company emphasized that the Board retains the right to abandon the Stock Split and Authorized Share Increase before the effectiveness of the Certificate of Amendment.

CorVel Corporation also issued a press release on this matter, highlighting the Board’s approval of the Stock Split and Authorized Share Increase. The contents of this press release are provided in Exhibit 99.1 attached to the Form 8-K filing. It’s important to note that the information included in Exhibit 99.1 is furnished and not “filed” for Securities Exchange Act of 1934 purposes, and not incorporated by reference into any filings unless specifically referenced.

The Company advised caution with forward-looking statements, citing risks and uncertainties that could impact actual results compared to expressed or implied predictions. These forward-looking statements are based on information available at the time of the report and are valid only as of their publication date unless updated as required by law or Nasdaq Global Select Market’s listing rules.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CorVel’s 8K filing here.

CorVel Company Profile

CorVel Corporation provides workers’ compensation, auto, liability, and health solutions. It applies technology, including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. The company also offers network solutions services, including automated medical fee auditing, preferred provider management and reimbursement, retrospective utilization review, facility claim review, professional review, pharmacy, directed care, clearinghouse, independent medical examination, and inpatient medical bill review services, as well as Medicare solutions.