Welcome to our dedicated page for Cano Health news (Ticker: $CANO), a resource for investors and traders seeking the latest updates and insights on Cano Health stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Cano Health's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Cano Health's position in the market.
Rhea-AI Summary
Cano Health, Inc. (CANO) has been notified by the New York Stock Exchange (NYSE) of its decision to commence delisting proceedings for the company's Class A common stock and to immediately suspend trading. This action follows the company's filing for relief under Chapter 11 of the U.S. Bankruptcy Code. The company does not intend to appeal the NYSE's determination and expects its Common Stock to be delisted. The Common Stock is expected to continue trading on the OTC market under the symbol 'CANOQ'.
Rhea-AI Impact
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End-of-Day
-63.48%
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Cano Health, Inc. has entered into a Restructuring Support Agreement with lenders, receiving a commitment for $150 million in new capital to reduce its debt and achieve long-term success. The company has initiated prearranged voluntary Chapter 11 proceedings and expects to achieve approximately $290 million of annualized cost reductions by the end of 2024. Cano Health is filing 'first day' motions to maintain business-as-usual operations and expects to emerge from the restructuring process in the second quarter of 2024.
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Cano Health, Inc. (NYSE: CANO) announced an acceleration of its Transformation Plan, targeting $290 million of cost reductions by the end of 2024. The company's strategic shift aims to improve Medical Cost Ratio, reduce expenses, and maximize productivity and liquidity.
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Cano Health, Inc. (NYSE: CANO) appoints Patricia Ferrari and Carol Flaton to enhance the Board's and Management's ongoing strategic, operational, and financing initiatives.
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End-of-Day
-1.99%
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Cano Health, Inc. (NYSE: CANO) faces technical difficulties in filing its Q3 2023 Quarterly Report on Form 10-Q with the SEC, causing a delay in public availability until November 13, 2023. The report is accessible on the company's investor relations website at investors.canohealth.com.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-27.25%
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Cano Health, Inc. (NYSE: CANO) announced improved performance and stability in Medicare Advantage business, with over $100 million in annualized third-party medical cost reductions by 2024. Q3 2023 results show 19% increase in total revenue to $788.1 million and 6% increase in total membership to 312,151. Net loss was $(491.7) million, compared to $(112.0) million in the prior year. Adjusted EBITDA was $(66.1) million, down from $18.2 million in the prior year.
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Rhea-AI Sentiment
End-of-Day
-27.25%
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Cano Health, Inc. has completed a 1-for-100 reverse stock split of its shares, which is expected to enable the company's Class A common stock to regain compliance with the NYSE listing rules. The split became effective immediately upon filing of the Certificate of Amendment. The company's Class A common stock will begin trading on a split-adjusted basis on November 3, 2023. The total number of authorized shares for issuance will be reduced, and outstanding stock options and restricted stock units will be adjusted. No fractional shares will be issued, and outstanding warrants will be proportionately adjusted. Cano Health's transfer agent will sell fractional shares and allocate the proceeds to stockholders. Additional information can be found in the company's proxy statement and Investor Relations website.
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End-of-Day
-23.81%
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Cano Health, Inc. will release its financial results for the third quarter of 2023 on November 9, 2023. The company is a leading value-based primary care provider and population health company. A conference call will be held on the same day to review the business and financial results. The call can be accessed through dial-in numbers or via webcast.
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-23.81%
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Rhea-AI Summary
Cano Health, Inc. files preliminary proxy statement for a reverse stock split.
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-16.08%
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Eladio Gil appointed as Interim CFO of Cano Health, succeeding Brian Koppy. Gil has over 30 years of healthcare experience and previously served as CFO of Total Health. Cano Health aims to reduce complexity and create value for shareholders.
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Cano Health, Inc.
NYSE:CANO
CANO Rankings
CANO Stock Data
12.43M
1.25M
43.43%
34.34%
19.99%
General Medical and Surgical Hospitals
Health Care and Social Assistance
US
Miami
About CANO
Cano Health, Inc. provides primary care medical services to its members in the United States and Puerto Rico.