Cano Health (CANO) Stock

Emergence from Chapter 11 Expected in Third Quarter of 2024 MIAMI , May 21, 2024 /PRNewswire/ -- Cano Health, Inc. (NYSE: CANO) ("Cano Health" or the "Company"), a leading value-based primary care provider and population health company, today announced a global agreement with the Unsecured Creditors Committee representing the interests of the Company's general unsecured creditors, with the support of the Ad Hoc Lender Group. It also received approval of its Disclosure Statement by the U.S. Bankruptcy Court for the District of Delaware (the "Court"), paving the way to solicit creditor approval of its Plan of Reorganization and its expected emergence from Chapter 11 in the third quarter.

Cano Health filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware late on Sunday and said it entered into a restructuring support agreement to reduce debt and solicit potential offers, including the sale of the firm.

Cano Health Inc's cash flow challenges appear ‘daunting' as the primary care provider's recent quarterly losses swelled, according to UBS analysts.  In an update to clients, they downgraded Cano Health stock from ‘Neutral' to a ‘Sell', while slashing its price target to $3.75 per share from $12 previously, as the analysts believe elevated third-party medical expenses will have a sustained negative effect on the company's already challenged liquidity position.

Cano Health (NYSE: CANO) stock price has crashed as concerns about the company's future remained. The shares tumbled by more than 19% on Friday and reached an all-time low of $6.62.

Cano Health, Inc. (NYSE:CANO ) Q3 2023 Earnings Conference Call November 9, 2023 5:00 PM ET Company Participants Mark Kent – Chief Executive Officer Eladio Gil – Interim Chief Financial Officer Conference Call Participants Eduardo Ron – Truist Securities Operator Good afternoon, and welcome to Cano Health's Third Quarter 2023 Earnings Call. Currently, all participants are in listen-only mode.

Let's not sugarcoat it – the topic of stocks to sell sucks. Obviously, with any talks about removing securities from your portfolio, you're dealing with other people's money and their aspirations.

Despite a seemingly positive move on paper, Cano Health (NYSE: CANO ) — which provides value-based primary care for seniors — only saw a modest blip to the downside in early Friday afternoon. Yesterday morning, management announced the completion of a 1-for-100 reverse stock split of its Class A and Class B common shares.

As if it didn't have enough problems, the company received a delisting warning from its exchange. It now has six months to regain compliance with New York Stock Exchange listing requirements.

Cano Health isn't sure it can continue as a going concern for another year. The company is exiting several markets, cutting staff, and looking for a buyer.