Cano Health rebounds 40% after Sternlicht, other former directors urge CEO replacement

Cano Health

03/04/2023 16:54

** Cano Health Inc's  CANO.N  shares bounce 41.7% to $1.29
on Mon as former directors form group to pursue changes at the
health insurer 
    ** Billionaire real estate investor Barry Sternlicht and two
other former directors say they agreed to act together to seek
changes, including replacement of the CEO and sale of non-core
assets, according to a SEC filing
    ** As a group, they own 35.7% voting power in CANO based on
aggregate of ~528.2 mln Class A and Class B shares outstanding,
per the filing
    ** CANO's shares fell 19.5% to record low close of 91 cents
on Fri after co said it was disappointed the three directors
chose to resign
    ** Sternlicht announced his resignation late Thurs
    ** Cano went public in 2021 after merging with
Sternlicht-backed SPAC
    ** CANO shares were trading just above $8 in Oct, but tanked
after reports CVS Health  CVS.N  had backed away from a buyout

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))