Copart, Inc. Announces a Two-for-One Stock Split
March 24 2017 - 9:31PM
Business Wire
Copart, Inc. (NASDAQ: CPRT) announced today that its Board of
Directors has approved a two-for-one split of its common stock. The
stock split will be effected as a stock dividend entitling each
stockholder of record to receive one additional share of common
stock for every one share owned. Additional shares issued as a
result of the stock dividend will be distributed after close of
trading on April 10, 2017, to stockholders of record on April 3,
2017. Stockholders do not need to exchange existing stock
certificates. The stock split will increase the number of shares of
common stock outstanding from approximately 115,000,000 shares to
approximately 230,000,000 shares. Appropriate adjustments will also
be made to shares subject to awards and available reserves under
Copart’s equity incentive plans. In addition, the number of shares
authorized for repurchase under Copart’s previously announced share
repurchase program will be adjusted to reflect the two-for-one
split in the form of a dividend.
A. Jayson Adair, Copart’s Chief Executive Officer, stated that
the Board of Directors authorized the stock split principally to
obtain wider distribution and greater liquidity for the common
stock.
About Copart
Copart, founded in 1982, provides vehicle sellers with a full
range of remarketing services to process and sell salvage and clean
title vehicles to dealers, dismantlers, rebuilders, exporters, and
in some states, to end users. Copart remarkets the vehicles through
Internet sales using its VB3 technology. Copart sells vehicles on
behalf of insurance companies, banks, financial institutions,
charities, car dealerships, fleet operators, vehicle rental
companies, as well as vehicles sourced from the general public. The
company currently operates in the United States (www.copart.com),
Canada (www.copart.ca), the United Kingdom (www.copart.co.uk),
Brazil (www.copart.com.br), Germany (www.copart.de), the United
Arab Emirates, Oman and Bahrain (www.copartmea.com), Spain
(www.copart.es), Ireland (www.copart.ie), and India
(www.copart.in). Copart links sellers to more than 750,000 Members
in more than 150 countries worldwide through its multi-channel
platform. In 2015, Copart was ranked at the top of Deloitte’s “The
Exceptional 100” list of companies, which reviewed U.S. publicly
traded companies based upon a multidimensional approach to
measuring financial performance. For more information, or to become
a Member, visit www.copart.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170324005704/en/
Copart, Inc.Melissa Perry,
972-391-5090melissa.perry@copart.com
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