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In a recent filing with the Securities and Exchange Commission, ModivCare Inc., a company specializing in transportation services with a market capitalization of $48 million, announced the adjournment and rescheduling of its Special Meeting of Stockholders. The meeting, originally set for today, will now take place on Thursday, March 13, 2025, at 10:00 a.m. Mountain Time. The postponement allows for the reporting and dissemination of the company’s fourth quarter and full year 2024 financial results, scheduled for March 6, prior to the Special Meeting. According to InvestingPro data, the stock has experienced significant pressure, declining 72% year-to-date.
ModivCare, which previously operated under the name Providence Service Corp, emphasized that the record date for determining stockholders eligible to vote at the Special Meeting remains unchanged. Stockholders on record as of the close of business on January 22, 2025, retain their right to vote. InvestingPro analysis reveals that five analysts have recently revised their earnings expectations downward, with price targets ranging from $5.25 to $24. Votes already cast for the original meeting date will be honored at the rescheduled meeting unless stockholders decide to change or revoke their voting instructions.
The company has advised stockholders and interested parties to review the definitive proxy statement filed on February 3, 2025, for detailed information regarding the Special Meeting. This document, which is available on the SEC’s website and ModivCare’s investor relations page, contains essential information about the matters to be voted on at the meeting.
This announcement is based on a press release statement and the company’s SEC filings. ModivCare Inc. is listed on the NASDAQ Global Select Market under the ticker symbol (NASDAQ:MODV).
In other recent news, ModivCare Inc. has experienced a series of significant developments. S&P Global Ratings recently downgraded ModivCare’s issuer credit rating to ’CCC+’ due to ongoing collection difficulties and the withdrawal of its 2024 and 2025 guidance. The company has announced plans to issue a $75 million first-lien term loan to improve liquidity and is considering asset divestitures to repay debt. Jefferies has also adjusted ModivCare’s stock price target to $5.25 from $18, maintaining a Hold rating, following the company’s reduced fiscal year 2024 guidance.
Additionally, Lake Street Capital Markets has lowered its price target for ModivCare shares to $10.00, down from $30.00, but continues to rate the stock as a Buy. In a move to strengthen its board, ModivCare has appointed two new independent directors, Craig Barbarosh and Neal Goldman, bringing extensive legal, board, and strategic consulting experience. Meanwhile, Garth Graham has resigned from ModivCare’s Board of Directors, effective February 28, 2025, with no disagreements cited as the reason for his departure. These developments highlight the challenges and strategic changes ModivCare is navigating in the current market environment.
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