CorVel Corporation Announces Three-for-One Forward Stock Split and Increase in Authorized Shares

CorVel Corporation announces a three-for-one forward stock split effective December 24, 2024, increasing authorized shares accordingly.

Quiver AI Summary

CorVel Corporation announced a three-for-one forward stock split effective December 24, 2024, along with a corresponding increase in its authorized shares to facilitate the split. Shareholders on record as of December 23, 2024, will see their shares multiplied by three, with the additional shares distributed on December 24. Trading under the new share count is set to commence on December 26, 2024. The company also issued a cautionary note regarding forward-looking statements, highlighting potential risks and uncertainties that could lead to actual results differing from expectations.

Potential Positives

• Announcement of a three-for-one forward stock split, which can enhance the liquidity and accessibility of shares for investors.
• Proportionate increase in the number of authorized shares can provide the company with more flexibility for future financing and growth opportunities.
• The timing of the stock split and distribution of additional shares demonstrates the company's commitment to enhancing shareholder value.

Potential Negatives

• The announcement of a forward stock split may signal to investors that the company's stock price was perceived as too high, which could indicate underlying performance issues.
• Forward-looking statements highlight potential risks and uncertainties that may lead to actual results differing materially from expectations, which may raise concerns among stakeholders about the company's future performance.
• The need to adjust the number of authorized shares could be interpreted as a lack of confidence in organic growth, potentially leading to skepticism from investors.

FAQ

What type of stock split did CorVel Corporation announce?

CorVel Corporation announced a three-for-one forward stock split.

When will the stock split take effect?

The stock split will be effective on December 24, 2024.

What is the record date for the stock split?

The record date for the stock split is December 23, 2024.

When will trading begin on a post-split basis?

Trading on a post-stock split basis will begin at market open on December 26, 2024.

Why did CorVel increase the number of authorized shares?

The increase in authorized shares accommodates the three-for-one stock split.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$CRVL Insider Trading Activity

$CRVL insiders have traded $CRVL stock on the open market 45 times in the past 6 months. Of those trades, 0 have been purchases and 45 have been sales.

Here’s a breakdown of recent trading of $CRVL stock by insiders over the last 6 months:

• MARK E. BERTELS (EVP - Risk Management Services) has traded it 2 times. They made 0 purchases and 2 sales, selling 650 shares.
• V GORDON CLEMONS (Chairman of the Board) has traded it 9 times. They made 0 purchases and 9 sales, selling 25,000 shares.
• MICHAEL G COMBS (CEO & President) has traded it 2 times. They made 0 purchases and 2 sales, selling 5,359 shares.
• ALAN HOOPS has traded it 4 times. They made 0 purchases and 4 sales, selling 11,800 shares.
• R JUDD JESSUP has traded it 2 times. They made 0 purchases and 2 sales, selling 4,631 shares.
• BRANDON O'BRIEN (Chief Financial Officer) has traded it 5 times. They made 0 purchases and 5 sales, selling 1,500 shares.
• MAXIM SHISHIN (Chief Information Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 8,075 shares.
• STEVEN J HAMERSLAG sold 3,468 shares.
• JENNIFER YOSS (Vice President of Accounting) has traded it 2 times. They made 0 purchases and 2 sales, selling 1,214 shares.
• HOLDINGS INC CORSTAR has traded it 15 times. They made 0 purchases and 15 sales, selling 60,000 shares.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$CRVL Hedge Fund Activity

We have seen 121 institutional investors add shares of $CRVL stock to their portfolio, and 106 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• ASSENAGON ASSET MANAGEMENT S.A. removed 69,424 shares (-59.9%) from their portfolio in Q3 2024
• MORGAN STANLEY added 27,337 shares (+24.4%) to their portfolio in Q3 2024
• KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC added 20,276 shares (+1.1%) to their portfolio in Q3 2024
• GOLDMAN SACHS GROUP INC added 19,902 shares (+78.0%) to their portfolio in Q3 2024
• JPMORGAN CHASE & CO added 19,667 shares (+106.6%) to their portfolio in Q3 2024
• DIMENSIONAL FUND ADVISORS LP removed 18,442 shares (-3.3%) from their portfolio in Q3 2024
• NORTHERN TRUST CORP added 17,547 shares (+16.8%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

FORT WORTH, Texas, Dec. 24, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) today announced the effectiveness of a three-for-one forward stock split, along with a proportionate increase in the number of authorized shares of its common stock to accommodate the stock split.

The Company filed an amendment to its Fourth Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the stock split and proportionate increase in the number of authorized shares of its common stock. The amendment will be effective on December 24, 2024.

As a result of the stock split, every one share of common stock outstanding or held in treasury on December 23, 2024, the record date for the stock split, was split into three shares of common stock. The additional shares of common stock are expected to be distributed on December 24, 2024.

Trading is expected to begin on a post-stock split adjusted basis at market open on December 26, 2024.

Cautionary Note Regarding Forward-Looking Statements

This Press Release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this Press Release, including statements regarding the timing of the distribution of the additional shares and the timing of trading on a post-stock split basis. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results to differ materially and adversely from those expressed, assumed, or implied by the forward-looking statements. Some of the risks and uncertainties that may cause actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as well as in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. Except as required by applicable law or the listing rules of the Nasdaq Global Select Market, the Company expressly disclaims any intent or obligation to update any forward-looking statements, or to update the reasons actual results could differ materially from those expressed or implied by these forward-looking statements, whether to conform such statements to actual results or changes in expectations, or as a result of the availability of new information.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.