By Katherine Hamilton
Corvel will undertake a three-for-one forward split of its common stock in an attempt to make its shares more accessible to investors following a 42% increase their price this year.
The claims management company said on Friday that its board approved the split, as well as a proportionate increase in the number of its authorized common stock shares to accommodate the split.
The company plans to file an amendment to its certificate of incorporation on Dec. 24 to accommodate the split. Shares will trade on a split-adjusted basis on Dec. 26, pending approval by the Nasdaq Global Select Market.
"Our stock price has seen extraordinary growth over the past several years fueled by our strong financial performance and the successful execution of our strategic plan," President and Chief Executive Michael Combs said.
Corvel's stock closed the market session down less than 1% at $352 per share.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 13, 2024 16:48 ET (21:48 GMT)
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