Cano Health, Inc.: Nasdaq/NYSE listing notice — NYSE notifies Cano Health of non-compliance; targets $290M cost cuts by 2024

Cano Health, Inc.

NYSE notice due to market cap averaging ~$44M over 30 days and stockholders' deficit of ~$259.1M.
Company has 10 business days to respond and 45 days to submit a cure plan within an 18-month window.
Accelerates Transformation Plan to achieve ~$290M in cost reductions by end 2024, up from $65M previously.
Expects ~$30M in pre-tax charges in 2024 for lease exit costs and employee termination benefits.
Also exploring strategic alternatives including a potential sale of the company or its assets.

item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Cano Health, Inc. received a nyse deficiency notice notice regarding market value (rules 802.01B).

Exchange: nyse
Notice: deficiency notice
Deficiency: market value
Rules: 802.01B

Exact text from the filing

December 22, 2023, the New York Stock Exchange (the “ NYSE ”) notified (the “ Notice ”) Cano Health, Inc. (the “ Company ”) that that it is not in compliance with Section 802.01B of the NYSE Listed Company Manual (the “ Listing Rule ”) because the Company’s total market capitalization has been less than $50 million over a 30 trading-day period and its stockholders’ equity is less than $50 million. As described in the Notice, as of December 21, 2023, the Company’s 30 trading-day average market capitalization was approximately $44.0 million and its last reported stockholders’ deficit as of Septe

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Source: SEC EDGAR

accession 0001193125-23-305997

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