Labcorp announces Fortrea spinoff record, distribution date, gets Nasdaq listing approval

Abu Hanifah

• Labcorp (NYSE:LH) on Friday said the listing of its planned spinoff of its clinical development business Fortrea had been approved by the Nasdaq stock market.
• The company is pursuing the spinoff as a tax-free transaction through a dividend of Fortrea's shares to the company's shareholders.
• LH in Friday's statement also announced a record date of 1700 Burlington, North Carolina time on June 20 and a distribution date of 2359 Burlington, North Carolina time on June 30 for the spinoff.
• Fortrea's common stock will be listed on the Nasdaq stock market under the symbol "FTRE."

More on Labcorp's spinoff

• Labcorp unit launches senior secured notes offering
• Labcorp's planned spinout Fortrea to hold first investor day
• Labcorp to spinoff clinical development business into new publicly listed company