Carriage Services Inc CSV shares surged after its Board of Directors initiated a process to explore potential strategic alternatives.
The options include sale, merger or other potential strategic or financial transactions to maximize shareholder value.
The move comes a week after the company appointed Carlos R. Quezada as its Chief Executive Officer.
In May, the company reported a first-quarter FY23 revenue of $98.2 million, a 2.8% increase Y/Y.
In December last year, the company announced the 'High Performance and Credit Profile Restoration Plan' to maximize Free Cash Flow for rapid paydown of credit facility borrowings over 2023 and 2024 and to reduce outstanding borrowings by the end of 2024.
Carriage provides funeral and cemetery services and merchandise in the U.S. and operates 170 funeral homes in 26 states and 30 cemeteries in 11 states.
Price Action: CSV shares are trading higher by 23.9% at $34.74 on the last check Thursday.
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