CANO

NYSE Suspends Trading in Cano Health, Inc. (CANO) and Commences Delisting Proceedings

Retrieved on: 
Monday, February 5, 2024
United States bankruptcy court, Common stock, Bankruptcy

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.

Key Points: 
  • 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.

NYSE to Commence Delisting Proceedings Against Cano Health, Inc. (CANO)

Retrieved on: 
Monday, February 5, 2024
Professional Services, Finance, Security (finance), United States bankruptcy court, Exchange, Committee, Bankruptcy

The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the Class A common stock of Cano Health, Inc. (the “Company”) — ticker symbol CANO — from the NYSE.

Key Points: 
  • The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the Class A common stock of Cano Health, Inc. (the “Company”) — ticker symbol CANO — from the NYSE.
  • Trading in the Company’s Class A common stock will be suspended immediately.
  • The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange.
  • The NYSE will apply to the Securities and Exchange Commission to delist the Company’s Class A common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

Cano Health Announces Appointment of Two New Independent Directors

Retrieved on: 
Monday, December 18, 2023
Sale, Audit committee, Chair, Operational definition, Record, Ferrari, Committee on Finance, Management, Compensated emancipation

MIAMI, Dec. 18, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, today announced the appointment of Patricia Ferrari and Carol Flaton to its Board of Directors. Ms. Ferrari and Ms. Flaton bring broad business experience and deep financial expertise, with proven track records of advising companies on strategies to improve operations and financial performance, as well as strengthening their capital structures.

Key Points: 
  • Patricia Ferrari and Carol Flaton to Enhance the Board's and Management's Ongoing Strategic, Operational and Financing Initiatives
    MIAMI, Dec. 18, 2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company") (NYSE: CANO), a leading value-based primary care provider and population health company, today announced the appointment of Patricia Ferrari and Carol Flaton to its Board of Directors.
  • Ms. Ferrari and Ms. Flaton bring broad business experience and deep financial expertise, with proven track records of advising companies on strategies to improve operations and financial performance, as well as strengthening their capital structures.
  • The Board has appointed Ms. Ferrari and Ms. Flaton, along with current director Angel Morales, to serve on the Finance Committee, with Ms. Flaton serving as Chair.
  • The Board also appointed Ms. Flaton as a member of the Board's Audit Committee and Ms. Ferrari to serve on the Compensation Committee.

NYSE to Commence Delisting Proceedings with Respect to the Warrants of Cano Health, Inc. (CANO/WS)

Retrieved on: 
Monday, November 13, 2023
Professional Services, Finance, NYSE Listed Company Manual, New York Stock Exchange, NYSE, Security (finance), Warrant, Exchange, Committee

Trading in the Company’s Warrants will be suspended immediately.

Key Points: 
  • Trading in the Company’s Warrants will be suspended immediately.
  • Trading in the Company’s Class A common stock — ticker symbol CANO —will continue on the NYSE.
  • NYSE Regulation has determined that the Company’s Warrants are no longer suitable for listing based on “abnormally low” price levels, pursuant to Section 802.01D of the Listed Company Manual.
  • The NYSE will apply to the Securities and Exchange Commission to delist the Warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

Concerned Shareholders of Cano Health Condemn the Board’s Egregious Conduct and Unwillingness to Accept a Resounding Rebuke at the 2023 Annual Meeting

Retrieved on: 
Monday, July 17, 2023
Finance, Other Health, Health, Professional Services, Other Professional Services, Executive, Employment, Face, Public opinion, Disclosure, Annual Meetings of the International Monetary Fund and the World Bank Group, Russell 3000 Index, Million Pound Menu, 2021 Libertarian National Committee chair special election, Audit committee, MSP, Committee, Council of Institutional Investors, Russell, Hearing, Council, Annual general meeting, CANO, Ethics, Rivera, NYSE, Weil, Gotshal & Manges, Compensated emancipation, Holding company, Management, Security (finance), Shareholder

The three of us hold an approximately 35% equity stake in Cano, making our Group the largest stockholder of the Company.

Key Points: 
  • The three of us hold an approximately 35% equity stake in Cano, making our Group the largest stockholder of the Company.
  • We encourage Mark Kent, Cano’s interim Chief Executive Officer, and his team to focus on achieving efficiencies, eliminating excesses and executing a more focused strategy.
  • The Board has disregarded the unambiguous results of the Annual Meeting, where more than 82% of the votes cast WITHHELD support for Dr. Alan Muney and Kim Rivera.
  • The Board continues to keep in place Sol Trujillo as Chairman and Angel Morales as Chair of the Audit Committee.

Concerned Shareholders of Cano Health Address Company’s Offensive Friday Afternoon “News Dump” Regarding its Leadership Transition

Retrieved on: 
Tuesday, June 20, 2023
Banking, Professional Services, Finance, Executive, Employment, Face, History, CANO, NYSE, Management, Holding company, Corporate America, Shareholder

But Mr. Kent and his management team need a credible, confidence-inspiring Board behind them to initiate a lasting turnaround at Cano.

Key Points: 
  • But Mr. Kent and his management team need a credible, confidence-inspiring Board behind them to initiate a lasting turnaround at Cano.
  • The current Board, half of which is composed of two WITHHOLD directors and the beleaguered ex-CEO, is simply not equipped to effectively oversee Cano at this critical juncture.
  • The Board’s so-called independent members remain insufficiently aligned with the stockholders who actually own the vast majority of Cano.
  • In the meantime, we will continue to use all available channels to hold Cano’s insiders accountable to stockholders.”
    View source version on businesswire.com: https://www.businesswire.com/news/home/20230619285745/en/

Concerned Shareholders of Cano Health Reiterate the Need for Changes in Leadership and Strategy at the Company Following Massive Value Destruction

Retrieved on: 
Wednesday, June 14, 2023
Consulting, Professional Services, Finance, GREEN, 2015 Michigan Proposal 1, Disclosure, Annual Meetings of the International Monetary Fund and the World Bank Group, Delaware Court, Annual general meeting, CANO, Court, Delaware Court of Chancery, NYSE, Shareholder

It is critically important that this shared desire for urgent change translates to resounding WITHHOLD votes for the two directors standing for election at tomorrow’s Annual Meeting.

Key Points: 
  • It is critically important that this shared desire for urgent change translates to resounding WITHHOLD votes for the two directors standing for election at tomorrow’s Annual Meeting.
  • We, as stockholders, cannot afford to continue to rely on the same leadership that has presided over abysmal capital allocation, dismal corporate governance and disclosure practices, and disastrous strategic decisions.
  • The stakes are far too high now that Cano has burned through more than a billion dollars in cash and seen its stock price plunge approximately 90%.
  • We sincerely hope that the Board and leadership take to heart our desire – shared by many stockholders – for increased integrity and accountability.

ISS and Glass Lewis Recommend Cano Health Stockholders WITHHOLD on Incumbent Directors Dr. Alan Muney and Kim Rivera

Retrieved on: 
Wednesday, June 7, 2023
Professional Services, Finance, GREEN, Shalva Weil, Dissident, 2015 Michigan Proposal 1, Annual Meetings of the International Monetary Fund and the World Bank Group, Delaware Court, Strategic planning, Glass Lewis, Annual general meeting, CANO, Delaware Court of Chancery, Glass, NYSE, ISS, Management, Security (finance), Pharmaceutical industry, Shareholder

“We appreciate that ISS and Glass Lewis have validated our campaign for boardroom change by recommending stockholders withhold their support for Dr. Muney and Ms. Rivera at the upcoming Annual Meeting.

Key Points: 
  • “We appreciate that ISS and Glass Lewis have validated our campaign for boardroom change by recommending stockholders withhold their support for Dr. Muney and Ms. Rivera at the upcoming Annual Meeting.
  • We believe that Dr. Muney and Ms. Rivera bear direct responsibility for many recent anti-stockholder actions given their roles leading key committees.
  • The effort to create the special committee was spearheaded by Muney and Rivera.
  • We urge stockholders to vote WITHHOLD on Proposal 1, the election of Dr. Muney and Ms. Rivera, on any proxy card received (the GREEN or WHITE proxy card).

Concerned Shareholders of Cano Health Issue Letter Regarding its Commitment to Turning Around the Company

Retrieved on: 
Friday, June 2, 2023
Professional Services, Health, Other Health, Finance, Delaware Court, Audit committee, By-law, Canadian House of Commons Special Committee on Electoral Reform, Morale, NYSE, Compensated emancipation, GREEN, New York City Fire Department Ladder Company 3, Policy, Strategic planning, Delaware Court of Chancery, Election, Committee, Disclosure, Annual Meetings of the International Monetary Fund and the World Bank Group, Burn, History, Capital allocation line, MSP, Related party transaction, Letter, Audit, Credentialing, EBITDA, Annual general meeting, CANO, High-integrity pressure protection system, Management, Cryptocurrency, Holding company, Shareholder

As outlined in the subsequent sections of this letter, we have a deep understanding of the challenges at Cano and possess a clear vision for turning around the Company.

Key Points: 
  • As outlined in the subsequent sections of this letter, we have a deep understanding of the challenges at Cano and possess a clear vision for turning around the Company.
  • Our Group has thought critically about how Cano can evolve from being a founder-dominated business to a mature, well-governed company.
  • This will help improve morale and ultimately employee retention, which has been a significant issue for Cano over the past 18 months.
  • In our view, this “Shadow Board” precluded our Group from discharging our fiduciary duties and participating in the oversight of the Company.

Concerned Shareholders of Cano Health Issue Presentation to Underscore the Urgent Need for Changes in Leadership and Strategy Following Massive Value Destruction at the Company

Retrieved on: 
Tuesday, May 30, 2023
Professional Services, Finance, GREEN, Annual Meetings of the International Monetary Fund and the World Bank Group, Delaware Court, Strategic planning, Annual general meeting, CANO, READ, Delaware Court of Chancery, Election, NYSE, Management, Shareholder

Dr. Muney and Ms. Rivera are also members of Cano’s Audit Committee.

Key Points: 
  • Dr. Muney and Ms. Rivera are also members of Cano’s Audit Committee.
  • DOWNLOAD AND READ THE GROUP’S PRESENTATION BY CLICKING HERE.
  • Messrs. Berardo and Sansone possess significant healthcare services experience as well as backgrounds in corporate governance, capital allocation, transactions and strategic planning.
  • The action seeks to compel Cano to reopen the window for nominating director candidates and making proposals under the Company’s Bylaws at the upcoming Annual Meeting.