Covista Inc. — fact timeline

Covista Inc. reported fiscal year 2026 results: revenue $1,930 million to $1,945 million, EPS $7.95 to $8.15. Guidance raised.

“Revenue of $1,930 million to $1,945 million, or approximately 8% to 9% growth year-over-year, and from a previous range of $1,900 million to $1,940 million ● Adjusted earnings per share of $7.95 to $8.15, or approximately 19% to 22% growth year-over-year, and from a previous range of $7.80 to $8.00”

Covista Inc. reported third quarter fiscal year 2026 (ended March 31, 2026) results: revenue $487.0 million, net income $41.6 million, EPS $1.20. Guidance raised.

“Revenue of $487.0 million increased 4.5% compared with the prior year ● Operating income of $91.3 million, compared with $90.5 million in the prior year; adjusted operating income of $102.2 million, compared with $105.4 million in the prior year ● Net income of $41.6 million, compared with $60.8 million in the prior year; adjusted net income of $69.0 million, compared with $73.3 million in the prior year ● Diluted earnings per share of $1.20, compared with $1.59 in the prior year; adjusted earnings per share of $1.98, compared with $1.92 in the prior year”

Covista Inc. incurred term loan of $510 million with Morgan Stanley Senior Funding, Inc. at Term SOFR plus 2.25% (subject to a SOFR floor of 0.75%) or an alternate base rat maturing March 2, 2033.

“in order to, among other things, incur new term loans thereunder (consisting of refinancing term loans and incremental term loans) in an aggregate original principal amount of $510 million (collectively, the “2026 Term Loans”), which 2026 Term Loans mature on March 2, 2033.”

Covista Inc. terminated Indenture with U.S. Bank National Association, as trustee and notes collateral agent valued at approximately $404,950,000 (effective 2026-03-02).

“Upon deposit of the Redemption Payment with the Trustee on the Redemption Date, the Indenture was fully satisfied and discharged in accordance with its terms and the Company and the subsidiary guarantors party thereto have no further obligations under the Indenture.”

Covista Inc. amended Amendment No. 5 to Credit Agreement and Incremental Assumption Agreement with Morgan Stanley Senior Funding, Inc., as administrative agent, and the lender party valued at $510 million (effective 2026-03-02).

“On March 2, 2026, Covista Inc. (formerly known as Adtalem Global Education Inc.) ("Covista", the "Company", or "we") entered into Amendment No. 5 to Credit Agreement and Incremental Assumption Agreement, dated as of March 2, 2026 (the "Amendment"), by and among the Company, as borrower, the guarantors party thereto, the lender party thereto and Morgan Stanley Senior Funding, Inc. ("MSSF"), as administrative agent”

Covista Inc.: Amended bylaws to reflect new corporate name and update registered agent (effective 2026-02-05).

“In connection with our name change, our board of directors amended our by-laws to reflect the corporate name Covista Inc., also effective as of February 5, 2026.”

Covista Inc.: Changed corporate name from Adtalem Global Education Inc. to Covista Inc (effective 2026-02-05).

“On February 5, 2026, Covista Inc. (“Covista,” the “Company,” or “we”), previously known as Adtalem Global Education Inc., filed with the Secretary of State of Delaware a Certificate of Amendment (the “Amendment”) to our Amended and Restated Certificate of Incorporation to change our corporate name from Adtalem Global Education Inc. to Covista Inc., effective February 5, 2026.”

Covista Inc. incurred revolving credit of $100.0 million increase resulting in aggregate outstanding commitments of $500.0 million under the revolving facility with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and the lenders and issuing banks party thereto at SOFR plus an applicable margin ranging from 2.25% to 3.00% or alternate base rat maturing August 6, 2030.

“On August 6, 2025, Adtalem Global Education Inc. (“Adtalem”) entered into Amendment No. 4 to Credit Agreement and Incremental Assumption Agreement (the “Amendment”), by and among Adtalem, the other guarantors party thereto, the lenders and issuing banks party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, which amended our Credit Agreement, dated as of August 12, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time), in order to, among other things, (i) increase available commitments under our revolving facility by $100.0 million (resulting in aggregate outstanding commitments of $500.0 million under the revolving facility after giving effect to the Amendment), (ii) extend the maturity and commitment termination date of our revolving facility to August 6, 2030 (subject to an earlier springing maturity if we do not refinance, redeem or repay certain other material indebtedness on the date that is 91”

Michael W. Malafronte changed role as Lead Independent Director at Covista Inc..

“Mr. Malafronte will continue to serve on the Board as Lead Independent Director, Chair of the Compensation Committee, and a member of the Academic Quality Committee.”

Stephen W. Beard changed role as Chairman of the Board at Covista Inc..

“On November 13, 2024, the Board of Directors (the “Board”) of Adtalem Global Education Inc. (“Adtalem” or “the Company”) unanimously elected Stephen W. Beard, Adtalem’s President and Chief Executive Officer, as Chairman of the Board effective immediately.”

Covista Inc. updated its fiscal year 2024 guidance (raised).

“Adtalem guidance for fiscal year 2024, raises revenue guidance to a range of $1,560 million to $1,580 million from $1,520 million to $1,560 million, and raises adjusted earnings per share to be in the range of $4.80 to $5.00 from $4.55 to $4.75.”

Covista Inc. reported fiscal 2024 third quarter results: revenue $412.7 million, net income $36.8 million, EPS $0.93. Guidance raised.

“Guidance Raised Revenue up 11.8% YoY Total enrollment up 7.8% YoY Diluted earnings per share $0.93; Adjusted EPS $1.50, growth of 32.7% YoY ​ Third Quarter Highlights ● Revenue $412.7 million, up 11.8% year-over-year ● Total student enrollment 85,809, up 7.8% year-over-year ● Chamberlain University fifth straight quarter of total enrollment growth, up 9.0%”

Dr. John Danaher departed as President, Medical & Veterinary at Covista Inc..

“reporting that Dr. John Danaher President, Medical & Veterinary was leaving Adtalem effective September 15, 2023.”

Covista Inc. reported second quarter fiscal 2024 (ended Dec. 31, 2023) results: revenue $393.2 million, net income $39.9 million, EPS $0.98 per diluted share. Guidance raised.

“Guidance Raised Revenue up 8.4% YoY Total enrollment up 6.2% YoY Diluted earnings per share $0.98; Adjusted EPS $1.23, growth of 5.1% YoY Second quarter highlights ● Revenue $393.2 million, up 8.4% year-over-year ● Total student enrollment 81,772, up 6.2% year-over-year ● Chamberlain University fourth straight quarter of total enrollment growth, up 6.6%”

Betty Vandenbosch was appointed as independent director at Covista Inc..

“The Adtalem Board of Directors (the “Board”) has appointed Dr. Betty Vandenbosch as an independent member of Adtalem’s Board effective January 8, 2024”

Covista Inc.: Board adopted Amended and Restated By-Laws effective November 27, 2023, including updates regarding universal proxy rules, proxy card color, and advance notice deadlines (effective 2023-11-27).

“Effective as of November 27, 2023, the Board of Directors (the “Board”) of Adtalem Global Education Inc. (“Adtalem” or “the Company”) adopted Amended and Restated By-Laws that are filed as Exhibit 3.1 to this Current Report on Form 8-K (the “Amended By-Laws”).”

Covista Inc. shareholders approved Approval of an amendment to Adtalem’s Restated Certificate of Incorporation to reflect new Delaware law provisions regarding officer exculpation at the 2023-11-08 meeting.

“FOR AGAINST ABSTAIN BROKER NON-VOTE 33,597,999 3,413,861 247,768 1,437,453”

Covista Inc. shareholders approved An advisory vote to hold future advisory votes to approve named executive officer compensation every year, every two years or every three years at the 2023-11-08 meeting.

“1 YEAR 2 YEARS 3 YEARS ABSTAIN BROKER NON-VOTE 33,439,920 1,472 3,606,839 211,397 1,437,453”

Covista Inc. shareholders approved An advisory vote on the compensation of Adtalem’s named executive officers at the 2023-11-08 meeting.

“FOR AGAINST ABSTAIN BROKER NON-VOTE 36,251,135 693,516 314,977 1,437,453”

Covista Inc. shareholders approved Ratification of the selection of PricewaterhouseCoopers LLP as Adtalem’s independent registered public accounting firm for 2024 at the 2023-11-08 meeting.

“Our shareholders approved this proposal. FOR AGAINST ABSTAIN 37,703,579 783,720 209,782”

Covista Inc. shareholders approved Election of Directors at the 2023-11-08 meeting.

“Our shareholders elected the following ten directors to serve until the 2024 Annual Meeting of Shareholders or until his or her successor has been duly elected and qualified. DIRECTOR FOR AGAINST ABSTAIN BROKER NON-VOTE Stephen W. Beard 37,146,740 104,998 7,890 1,437,453 William W. Burke 37,021,083 164,503 74,042 1,437,453 Mayur Gupta 37,078,707 165,511 15,410 1,437,453 Donna J. Hrinak 37,101,347 150,415 7,866 1,437,453 Georgette Kiser 37,000,357 251,348 7,923 1,437,453 Liam Krehbiel 37,079,253 163,994 16,381 1,437,453 Michael W. Malafronte 36,912,722 330,469 16,437 1,437,453 Sharon L. O’Keefe 37,010,111 241,652 7,865 1,437,453 Kenneth J. Phelan 37,038,829 204,362 16,437 1,437,453 Lisa W. Wardell 37,000,026 254,794 4,808 1,437,453”

Covista Inc. reported first quarter fiscal 2024 results: revenue $368.8 million, net income $10.6 million, EPS $0.25. Guidance raised.

“Raises fiscal year 2024 revenue guidance to a range of $1,470 million to $1,530 million and Adjusted EPS guidance to a range of $4.25 to $4.45 First quarter highlights Revenue $368.8 million, up 4.1% year-over-year Total student enrollment 81,073, up 1.9% year-over-year Chamberlain University third straight quarter of total enrollment growth, up 5.2% year-over-year”

Dr. John Danaher resigned as President, Adtalem Medical & Veterinary at Covista Inc..

“On September 6, 2023, Adtalem Global Education Inc. (“Adtalem” or “the Company”) announced that Dr. John Danaher, President, Adtalem Medical & Veterinary, will be leaving Adtalem effective September 15, 2023.”

Covista Inc. updated its fourth quarter and full year fiscal 2023 ended June 30, 2023 guidance (raised).

“On August 10, 2023, Adtalem Global Education Inc. (“Adtalem”) issued a press release announcing its fourth quarter and full year fiscal 2023 academic, operating and financial results.”

Covista Inc. reported third quarter fiscal 2023 ended March 31, 2023 results: revenue $369.1 million, net income $45.9 million, EPS $1.00. Guidance reaffirmed.

“Fiscal Third Quarter 2023 Results Improving total enrollment trends Strategic transformation momentum Narrows guidance for fiscal year 2023 Third quarter highlights • Revenue $369.1 million, up 1.3% year-over-year • Total student enrollment 79,586, down 3.1% year-over-year, a quarterly sequential improvement of 100 basis points • Chamberlain University strong demand”

Covista Inc. reported second quarter fiscal 2023 ended Dec. 31, 2022 results: revenue $363.3 million, net income $24.1 million, EPS $0.52. Guidance reaffirmed.

“of an improved macro dynamic for the benefit of all our stakeholders.” Financial Highlights Selected financial data for the three months ended Dec. 31, 2022: • Revenue of $363.3 million decreased 2.1% compared with the prior year • Diluted earnings per share increased to $0.52 from $0.36 in the prior year; adjusted earnings per share increased to $1.17 or by”

Covista Inc. shareholders approved An advisory vote on the compensation of Adtalem’s named executive officers. at the 2022-11-09 meeting.

“3. An advisory vote on the compensation of Adtalem’s named executive officers. Our shareholders approved this proposal. FOR AGAINST ABSTAIN BROKER NON-VOTE 39,249,343 1,895,494 15,416 1,690,781”

Covista Inc. shareholders approved Ratification of the selection of PricewaterhouseCoopers LLP as Adtalem’s independent registered public accounting firm for 2023. at the 2022-11-09 meeting.

“2. Ratification of the selection of PricewaterhouseCoopers LLP as Adtalem’s independent registered public accounting firm for 2023. Our shareholders approved this proposal. FOR AGAINST ABSTAIN 42,202,657 633,788 14,589”

Covista Inc. shareholders approved Election of Directors at the 2022-11-09 meeting.

“1. Election of Directors: Our shareholders elected the following eleven directors to serve until the 2023 Annual Meeting of Shareholders or until his or her successor has been duly elected and qualified. DIRECTOR FOR AGAINST ABSTAIN BROKER NON-VOTE Stephen W. Beard 40,804,571 335,466 20,216 1,690,781 William W. Burke 40,700,164 438,757 21,332 1,690,781 Charles DeShazer 40,854,234 284,686 21,333 1,690,781 Mayur Gupta 40,891,860 247,059 21,334 1,690,781 Donna J. Hrinak 40,412,340 727,507 20,406 1,690,781 Georgette Kiser 40,278,449 861,670 20,134 1,690,781 Liam Krehbiel 40,859,199 280,922 20,132 1,690,781 Michael W. Malafronte 40,764,615 375,505 20,133 1,690,781 Sharon L. O’Keefe 37,843,562 3,297,548 19,143 1,690,781 Kenneth J. Phelan 40,712,300 427,808 20,145 1,690,781 Lisa W. Wardell 40,437,219 706,153 16,881 1,690,781”

Lisa W. Wardell changed role as Chairman of the Board at Covista Inc..

“succeeds Ms. Lisa W. Wardell as Chairman of the Board.”

Michael W. Malafronte was elected as Chairman of the Board at Covista Inc..

“On November 10, 2022, Adtalem Global Education Inc. (“Adtalem”) issued a press release announcing that its Board of Directors (the “Board”) unanimously elected Michael W. Malafronte, 48, as Chairman of the Board effective November 9, 2022.”

Covista Inc. reported first quarter fiscal 2023 ended Sept. 30, 2022 results: revenue $354.6 million, net income $2.2 million, EPS $0.05. Guidance reaffirmed.

“healthcare professionals while driving superior student outcomes. ” Financial Highlights Selected financial data for the three months ended Sept. 30, 2022: ● Revenue of $354.6 million increased 22.7% compared with the prior year due to the timing of the acquisition of Walden ● Diluted earnings per share increased to $0.05 from a loss of $1.17 in the prior”

William "Liam" Krehbiel was appointed as Independent Director at Covista Inc..

“The Adtalem Board of Directors (the “Board”) has appointed Mr. William (“Liam”) Krehbiel as an independent member of Adtalem’s Board effective June 6, 2022.”

Michael Betz was appointed as President of Walden University at Covista Inc..

“On May 23, 2022, Adtalem Global Education Inc. (“Adtalem”) announced the appointment of Michael Betz as President of Walden University, effective as of May 17, 2022.”

Manjunath Gangadharan was appointed as Chief Accounting Officer at Covista Inc..

“On April 18, 2022, Adtalem Global Education Inc. (“Adtalem”) appointed Manjunath Gangadharan (39) as Vice President, Chief Accounting Officer and principal accounting officer of Adtalem, effective as of April 18, 2022.”

Robert J. Phelan was appointed as chief financial officer at Covista Inc..

“Mr. Robert J. Phelan, who had been serving as ATGE’s interim chief financial officer since April 2021, had been appointed ATGE’s chief financial officer.”

Robert J. Phelan was appointed as Chief Financial Officer at Covista Inc..

“On October 18, 2021, Adtalem Global Education Inc. (“ATGE” or “the Company”) filed a Current Report on Form 8-K with the Securities and Exchange Commission reporting that effective October 18, 2021, Mr. Robert J. Phelan, who had been serving as ATGE’s interim chief financial officer since April 2021, had been appointed ATGE’s chief financial officer.”

Maurice Herrera was appointed as chief marketing officer at Covista Inc..

“Maurice Herrera was appointed as Adtalem’s chief marketing officer effective immediately.”

Robert J. Phelan changed role as chief financial officer at Covista Inc..

“Robert J. Phelan has been promoted to chief financial officer and Adtalem’s principal financial officer after serving as Adtalem’s interim chief financial officer since April 2021.”

Kathy Boden Holland resigned as Group President, ATGE Medical and Healthcare at Covista Inc..

“On September 13, 2021, Adtalem Global Education Inc. (“Adtalem”) filed a Current Report on Form 8-K/A with the Securities and Exchange Commission reporting that Ms. Kathy Boden Holland, Group President, ATGE Medical and Healthcare will be leaving Adtalem effective September 30, 2021.”

Kathy Boden Holland departed as Group President, ATGE Medical and Healthcare at Covista Inc..

“On September 7, 2021 it was announced that Ms. Kathy Boden Holland, Group President, ATGE Medical and Healthcare, will leave the Company on September 30, 2021 to pursue other endeavors.”

Lisa W. Wardell changed role as Executive Chairman at Covista Inc..

“effective September 8, 2021, Ms. Lisa W. Wardell, who has served as ATGE’s president and chief executive officer since May 24, 2016 and chairman of the board since July 16, 2019, will transition to the role of executive chairman of the Board.”

Mayur Gupta was appointed as Independent Director at Covista Inc..

“The Adtalem Board of Directors (the “Board”) has appointed Mr. Mayur Gupta as an independent member of Adtalem’s Board effective August 10, 2021.”

Lisa W. Wardell changed role as executive chairman of the Board at Covista Inc..

“On the effective date of Mr. Beard’s appointment, Ms. Wardell will transition to the role of executive chairman of the Board.”

Stephen W. Beard was appointed as president and chief executive officer at Covista Inc..

“On August 4, 2021, Adtalem Global Education Inc. (“ATGE”) announced the appointment of Stephen W. Beard as the president and chief executive officer of ATGE effective September 8, 2021.”