Cano Health recently announced that it has entered into an agreement with a significant majority of its secured and unsecured lenders on a financial restructuring plan to strengthen its financial position and advance its ongoing Transformation Plan. To implement this prearranged voluntary restructuring, the Company has initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
Below are several FAQs. If you have additional questions, please feel free to email [email protected]
1. What will happen to the Cano Health stock I own?
The RSA provides for the conversion of nearly $1 billion in secured debt to a combination of new debt and full equity ownership in the reorganized company. This means that at the conclusion of this process, all existing shares will cease trading and be cancelled.
2. Will this process accelerate NYSE’s delisting of Cano Health?
Cano Health expects that the NYSE will proceed with customary delisting procedures as a result of the Company’s Chapter 11 filing. Following this delisting, Cano Health’s shares will continue to trade through other exchanges, such as the OTC pink sheets.
3. Will Cano Health continue to issue quarterly financial results?
Yes. The Company will continue to have SEC reporting obligations, including filing quarterly financials.
4. Can I sell my Cano Health stock now? Should I?
Please contact your investment advisor or brokerage firm to discuss the options available to you.
5. Is there any more information you can provide?
There is no additional information Cano Health can provide at this time. The Company recommends that you reach out to your investment advisor or brokerage firm.