Cano Health Files Proxy Statement for Reverse Stock Split Proposal

Cano Health, a high-touch, technology-powered healthcare company, has announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) regarding a special stockholders’ meeting. The purpose of the meeting is to authorize Cano Health’s Board of Directors to effect a reverse stock split of the company’s Class A and Class B common stock.

The proposed reverse stock split would be at a ratio of 1-for-60, with the Board having the flexibility to adjust the ratio down to 1-for-5 or up to 1-for-100. The final split ratio will be determined after stockholder approval, and the Board retains the authority to abandon or delay the reverse stock split if necessary.

The reverse stock split is intended to help Cano Health regain compliance with the price criteria of the NYSE Listed Company Manual and make its common stock more attractive to a broader range of investors. It will not affect stockholders’ percentage ownership interests or proportionate voting power, except for those receiving cash in lieu of fractional shares.

At the special stockholders’ meeting, the proposed reverse stock split requires the affirmative vote of a majority of the voting power of the outstanding shares of Common Stock, voting as a single class. Cano Health’s largest stockholder, ITC Rumba, LLC, with approximately 30% of the voting power, has expressed its intent to vote in favor of the reverse stock split. Additionally, certain current and former members of management and the Board, who hold approximately 20% of the combined voting power, are expected to demonstrate their support through a voting agreement.

Stockholders can access a free copy of the preliminary proxy statement and other related documents on the SEC’s website or Cano Health’s Investor Relations website.

The completion of the proposed reverse stock split is subject to market and other customary conditions, including obtaining stockholder approval. While there are no guarantees that the reverse stock split will be completed or achieve its intended effects, Cano Health believes it will help regain compliance and attract a broader investor base.

About Cano Health:
Cano Health is a technology-powered healthcare company that delivers personalized, value-based primary care to approximately 365,000 members. With its headquarters in Miami, Florida, Cano Health aims to improve the health, wellness, and quality of life of its patients and the communities it serves through its primary care medical centers and affiliated providers.

For more information, visit canohealth.com or investors.canohealth.com.