---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-123173"
form_type: "8-K"
ticker: "SEM"
cik: "0001320414"
company_name: "SELECT MEDICAL HOLDINGS CORP"
filed_at: "2024-11-26T23:59:59+00:00"
generated_at: "2026-05-29T17:34:55.695471+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Select Medical completes spin-off of Concentra, distributing 104M shares worth $2.3B

## Summary
- 104,093,503 shares of Concentra (81.7% stake) distributed to Select stockholders as of Nov 18 record date.
- Stockholders received 0.806971 Concentra shares per Select share; cash in lieu of fractional shares.
- Aggregate market value of distributed shares ~$2.3B based on $22.13 closing price on Nov 25, 2024.
- Pro forma financials reflect separation; planned $550M 6.250% notes due 2032 and $1.05B term loan to repay debt.
- After distribution, Select Medical holds no shares of Concentra common stock.

## SEC filing metadata
- accession: 0001104659-24-123173
- form_type: 8-K
- ticker: SEM
- cik: 0001320414
- company_name: SELECT MEDICAL HOLDINGS CORP
- filed_at: 2024-11-26T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1320414/000110465924123173/0001104659-24-123173-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1320414/000110465924123173/tm2429402d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-123173
- JSON: https://secwatch.observer/filing/0001104659-24-123173.json
- Plain text: https://secwatch.observer/filing/0001104659-24-123173.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.