MIAMI, Feb. 5, 2024
/PRNewswire/ -- Cano Health, Inc. (NYSE: CANO) ("Cano Health" or
the "Company") announced today that on February 5, 2024, the New York Stock Exchange
(the "NYSE") notified the Company that the NYSE had determined to
(a) commence proceedings to delist the Company's Class A common
stock, par value $0.01 per share
("Common Stock") and (b) immediately suspend trading in the
Company's Common Stock pursuant to Section 802.01D of the NYSE
Listed Company Manual after the Company filed voluntary petitions
for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the District of Delaware on February 4,
2024.
The NYSE will apply to the U.S. Securities and Exchange
Commission to delist the Company's Common Stock upon completion of
all applicable procedures. The Company does not intend to appeal
the NYSE's determination and therefore expects that its Common
Stock will be delisted from the NYSE.
The Common Stock is expected to continue trading on the OTC
market under the symbol "CANOQ."
About Cano Health: Cano Health (NYSE: CANO) is a
high-touch, technology-powered healthcare company delivering
personalized, value-based primary care to approximately 310,000
members. Founded in 2009, with its headquarters in Miami, Florida, Cano Health is transforming
healthcare by delivering primary care that measurably improves the
health, wellness, and quality of life of its patients and the
communities it serves through its primary care medical centers and
supporting affiliated providers. For more information, visit
canohealth.com or investors.canohealth.com.
Forward-Looking Statements: This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements relate to future events and involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond our control and could materially affect actual results,
performance or achievements. These forward-looking statements
generally can be identified by words such as "will," "shall,"
"may," "expects," "anticipates," "believes," "foresees,"
"forecasts," "plans," "seeks," "intends," "estimates" or other
words or phrases of similar import, including, without limitation,
statements regarding: (i) the Company's Chapter 11 proceedings; and
(ii) the Company's Common Stock trading on the OTC market and the
timing thereof. It is uncertain whether any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what impact they will have on our
results of operations and financial condition. Important risks and
uncertainties that could cause our actual results and financial
condition to differ materially from those indicated in
forward-looking statements include, among others, changes in market
or industry conditions, the regulatory environment, competitive
conditions, and/or consumer receptivity to our services; changes in
our strategy, future operations, prospects and plans; our ability
to realize expected financial results, including with respect to
patient membership, total revenue and earnings; our ability to
predict and control our medical cost ratio; our ability to maintain
our relationships with health plans and other key payors; our
future capital requirements and sources and uses of cash, including
funds to satisfy our liquidity needs; our ability to attract and
retain members of management and our Board of Directors; and/or our
ability to recruit and retain qualified team members and
independent physicians. Actual results may also differ materially
from such forward-looking statements for a number of other reasons,
including those set forth in our filings with the SEC, including,
without limitation, in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022,
filed with the SEC on March 15, 2023,
as amended by our Annual Report on Form 10-K/A, filed with the SEC
on April 7, 2023 (the "2022 Form
10-K"), and our Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K that we have filed or will file with the SEC
during 2023 and 2024 (which may be viewed on the SEC's website at
http://www.sec.gov or on our website at
http://www.investors.canohealth.com/ir-home), as well as reasons
including, without limitation, our experiencing delays or
difficulties in, and/or unexpected or less than anticipated results
from its efforts to (i) successfully pursue the Chapter 11
proceedings; and/or (ii) unexpected changes impacting the trading
of the Company's Common Stock. For a detailed discussion of other
risks and uncertainties that could cause our actual results to
differ materially from those expressed or implied by the
forward-looking statements, please refer to our filings with the
SEC, including, without limitation, our 2022 Form 10-K and our SEC
filings noted above. Factors other than those listed above could
also cause our results to differ materially from expected results.
Forward-looking statements speak only as of the date they are made
and, except as required by law, we undertake no obligation or duty
to publicly update or revise any forward-looking statement, whether
to reflect actual results of operations; changes in financial
condition; changes in general U.S. or international economic,
industry conditions; changes in estimates, expectations or
assumptions; or other circumstances, conditions, developments or
events arising after the issuance of this press release.
Additionally, the business and financial materials and any other
statement or disclosure on or made available through the Company's
websites or other websites referenced herein shall not be
incorporated by reference into this press release.
The Company cautions that trading in the Company's securities
during the pendency of the Chapter 11 proceedings is highly
speculative and poses substantial risks. Trading prices for the
Company's securities may bear little or no relationship to the
actual recovery, if any, by holders of the Company's securities in
the Chapter 11 proceedings. Holders of shares of the Company's
Common Stock could experience a complete loss on their investment,
depending on the outcome of the Chapter 11 proceedings.
Media Contacts
David
Zarco
mediarelations@canohealth.com
Kekst CNC
Ruth Pachman / Nicholas Capuano
ruth.pachman@kekstcnc.com / nicholas.capuano@kekstcnc.com
Investor Contact
Cano Health IR
investors@canohealth.com
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SOURCE Cano Health, Inc.
