UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
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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. ☐
INFORMATION INCLUDED IN THIS REPORT
Section 8 — Other Events
Item 8.01 Other Events
On August 4, 2023, Copart, Inc. issued a press release announcing that its Board of Directors has approved a two-for-one split of its common stock. The full text of the press release is furnished herewith as Exhibit 99.1.
Cautionary Note About Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the “Management’s Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.
Section 9 — Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press release, dated August 4, 2023 of Copart, Inc. announcing a two-for-one stock split. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COPART, INC. | ||||||
| Dated: August 4, 2023 | ||||||
| By: | /s/ Paul K. Kirkpatrick | |||||
| Paul K. Kirkpatrick | ||||||
| Senior Vice President, Chief Legal Officer, and Corporate Secretary | ||||||
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Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart, Inc. Announces a Two-for-One Stock Split
Dallas, Texas. (August 4, 2023) — 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 August 21, 2023, to stockholders of record on August 14, 2023. The stock split will increase the number of shares of common stock outstanding from approximately 480.0 million shares to approximately 960.0 million shares. Stockholders do not need to exchange existing stock certificates. Appropriate adjustments will be made to shares subject to awards and available reserves under Copart’s equity incentive plans and the number of shares authorized for repurchase under Copart’s previously announced share repurchase program.
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About Copart
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform links sellers to more than 750,000 members in over 190 countries. Copart offers services to process and sell vehicles to dealers, dismantlers, rebuilders, exporters, and to the general public. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. With operations at over 200 locations in 11 countries, Copart has more than 250,000 vehicles available online every day. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland (Copart.ie), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/Register.
Contact:
Brooke Boston
Executive Assistant,
Office of the Chief Financial Officer
brooke.boston@copart.com
Document and Entity Information |
Aug. 04, 2023 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | COPART INC |
| Amendment Flag | false |
| Entity Central Index Key | 0000900075 |
| Document Type | 8-K |
| Document Period End Date | Aug. 04, 2023 |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 000-23255 |
| Entity Tax Identification Number | 94-2867490 |
| Entity Address, Address Line One | 14185 Dallas Parkway |
| Entity Address, Address Line Two | Suite 300 |
| Entity Address, City or Town | Dallas |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 75254 |
| City Area Code | (972) |
| Local Phone Number | 391-5000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, par value $0.0001 |
| Trading Symbol | CPRT |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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