CORVEL CORP false 0000874866 0000874866 2024-12-13 2024-12-13

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 13, 2024

 

 

CORVEL CORPORATION

(Exact name of registrant as specified in charter)

 

 

 

Delaware   000-19291   33-0282651
(State or other jurisdiction
of incorporation)
 

(Commission

file number)

  (IRS Employer
Identification No.)

 

5128 Apache Plume Road, Suite 400, Fort Worth, Texas   76109
(Address of principal executive offices)   (Zip code)

(817) 390-1416

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share   CRVL   The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 8.01.

Other Events.

Board Approval of Forward Stock Split and Authorized Share Increase

On December 13, 2024, the board of directors (the “Board”) of CorVel Corporation (the “Company”) approved (i) a three-for-one forward stock split (the “Stock Split”) of the Company’s common stock, par value $0.0001 (“Common Stock”), and (ii) a proportionate increase in the number of authorized shares of Common Stock from 120,000,000 shares to 360,000,000 shares (the “Authorized Share Increase”). The Board did not approve an increase in the number of authorized shares of the Company’s preferred stock, par value $0.0001 (the “Preferred Stock”), which will remain at 1,000,000 shares.

The Company expects to file an amendment to the Company’s Fourth Amended and Restated Certificate of Incorporation (the “Charter Amendment”) with the Secretary of the State of Delaware to implement the Stock Split and Authorized Share Increase on December 24, 2024. Pursuant to Section 242(d)(1) of the Delaware General Corporation Law, no meeting or vote of the Company’s stockholders is required in connection with the filing of the Certificate of Amendment, and the implementation of the Stock Split and Authorized Share Increase.

Following the filing and effectiveness of the Charter Amendment, every one share of Common Stock outstanding or held as treasury stock on December 23, 2024, the record date for the Stock Split, shall be subdivided and reclassified into three shares of Common Stock. The Stock Split will not result in any change in the par value of the Common Stock or Preferred Stock.

Subject to final approval by the Nasdaq Global Select Market, trading is currently expected to begin on a post-Stock Split adjusted basis at market open on December 26, 2024.

As a result of the Stock Split, proportionate adjustments will be made to the number of shares of Common Stock issuable under the Company’s equity incentive plans and the number of shares underlying outstanding equity awards, as well as to the exercise price of outstanding stock options.

The Board reserves the right to abandon the Stock Split and Authorized Share Increase at any time prior to effectiveness of the Certificate of Amendment.

Issuance of Press Release

A copy of the press release announcing Board approval of the Stock Split and Authorized Share Increase is attached hereto as Exhibit 99.1. The information contained in Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as otherwise expressly set forth by specific reference in such filing.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K (‘Current Report”) 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 Current Report, including statements regarding the implementation and timing of the Stock Split and Authorized Share Increase, and the timing of trading on a post-Stock Split basis. Forward-looking statements involve known and unknown risks and uncertainties that may cause 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 the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as well as in the Company’s Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Any forward-looking statement made in this Current Report 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.


Item 9.01.

Financial Statements and Exhibits

 

  (d)

Exhibits

 

Exhibit
No.
   Description
99.1    Press Release, dated December 13, 2024
104    Cover Page Interaction Data File, formatted in Inline XBRL


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    CORVEL CORPORATION
Dated: December 13, 2024     By:  

/s/ Richard Schweppe

    Name:   Richard Schweppe
    Its:   Secretary

Exhibit 99.1

 

Date: December 13, 2024      CorVel Corporation
     5128 Apache Plume Road
     Suite 400
     Fort Worth, TX 76109
FOR IMMEDIATE RELEASE      Contact: Melissa Storan
     Phone: 949-851-1473
     www.corvel.com

CorVel Announces Three-For-One Forward Stock Split and Authorized Share Increase

FORT WORTH, Texas, December 13, 2024 — CorVel Corporation (NASDAQ: CRVL) announces that its Board of Directors approved a three-for-one forward stock split of its common stock. The Board also approved a proportionate increase in the number of authorized shares of common stock to accommodate the stock split. The Board did not approve an increase in the number of authorized shares of preferred stock.

The implementation of the stock split and authorized share increase is subject to the filing of an amendment to the Company’s Fourth Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which the Company expects to file on December 24, 2024.

“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. We believe it is the right time to effect a forward stock split to increase the accessibility of our stock to potential investors while maintaining our focus on delivering our customers enhanced technological solutions for the management of their healthcare needs,” said Michael G. Combs, the Company’s President, Chief Executive Officer and Chairman of the Board.

Following the filing and effectiveness of the amendment, every one share of common stock outstanding or held in treasury on December 23, 2024, the record date for the stock split, will be split into three shares of common stock.

Subject to final approval by the Nasdaq Global Select Market, trading is currently 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 implementation and timing of the stock split and authorized share increase, 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.

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Document and Entity Information
Dec. 13, 2024
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Entity Registrant Name CORVEL CORP
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Entity Central Index Key 0000874866
Document Type 8-K
Document Period End Date Dec. 13, 2024
Entity Incorporation State Country Code DE
Entity File Number 000-19291
Entity Tax Identification Number 33-0282651
Entity Address, Address Line One 5128 Apache Plume Road
Entity Address, Address Line Two Suite 400
Entity Address, City or Town Fort Worth
Entity Address, State or Province TX
Entity Address, Postal Zip Code 76109
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Security 12b Title Common Stock, par value $0.0001 per share
Trading Symbol CRVL
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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