Corvel Corporation (NASDAQ: CRVL) has 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, which became 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 were 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.
The stock split aims to make the company's stock more accessible to a broader range of investors and potentially increase liquidity. It's important for investors to take note of the adjusted basis for trading as a result of the stock split.
Investors and analysts will be closely watching the impact of the stock split on the company's stock price and market capitalization. Today the company's shares have moved -1.3% to a price of $113.5. For the full picture, make sure to review CorVel's 8-K report.
