National Research Corporation Class B Common Stock (NRCIB)

National Research Corporation provides patient experience surveys, analytics and performance improvement tools to hospitals, health systems and other healthcare organizations. It is known for its NRC Health brand and for measuring how patients and families perceive their care. The company is based in Lincoln, Nebraska and has been listed on NASDAQ since the 1990s. It serves many of the largest U.S. hospital systems.

In 2013 the company created a dual-class structure, distributing Class A and Class B shares to existing holders. Class A traded as NRCIA and Class B, which carried much greater voting power per share, traded as NRCIB. Founder Michael Hays held a large part of the Class B stock, and the Class B shares typically traded at a higher price than the Class A shares.

In 2018 the company simplified its capital structure. Under a recapitalization approved by shareholders and effective at 5:00 p.m. Central time on April 17, 2018, each Class B share was exchanged for one Class A share plus $19.59 in cash. The Class B stock then stopped trading and was deregistered. Starting April 18, 2018, the Class A shares were reclassified as the company's only common stock and began trading on NASDAQ as NRC.

After the change, National Research Corporation had a single class of common stock, which remains listed on NASDAQ as NRC. The cash portion of the exchange returned capital to former Class B holders while removing the unusual price gap between the two share classes. Holders who received NRC shares continue to participate in the company's healthcare analytics business.