Thu Nov 9, 2017
ELKHART, Ind. — Patrick Industries, Inc. (NASDAQ: PATK) announced today that on Nov. 8, 2017, the Company's Board of Directors approved a three-for-two stock split of the Company's common stock, to be effected in the form of a stock dividend, payable in the form of one additional share of common stock for every two shares of common stock held.
The stock dividend is effective for shareholders of record as of the close of business on Nov. 24, 2017 and will be payable on Dec. 8, 2017. The Company's stock will begin trading on a post-split basis on Dec. 11, 2017. The split will increase the number of outstanding shares of the Company's common stock from approximately 16.8 million to 25.2 million.
"The stock dividend is a reflection of our Board of Directors' confidence in the long-term growth prospects of the Company and is in alignment with driving strong liquidity for our shares in the marketplace," said Todd Cleveland, Chief Executive Officer. "We remain focused on maximizing shareholder value through the successful execution of our strategic growth initiatives."