Cano Health Announces Plans for Regaining Compliance with NYSE Stock Price Criteria

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Cano Health Announces Plans for Regaining Compliance with NYSE Stock Price Criteria

Cano Health, Inc. (CANO) ("Cano Health" or the "Company" announced today that it was notified by NYSE Regulation Inc. (the "NYSE") that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual (the "Listing Rule") because the average closing stock price of a share of the Company's Class A common stock was less than $1.00 per share over a consecutive 30 trading-day period.

Pursuant to the Listing Rule, the Company has 6 months following the NYSE notification to regain compliance with the Listing Rule, during which time the Company's Class A common stock will continue to be listed on the NYSE. If the Company determines that it will cure the price condition by taking an action requiring stockholder approval, such as a reverse stock split, the 6-month window may be extended if the Company obtains stockholder approval by no later than its next annual stockholders' meeting and implements the action promptly thereafter.

The Company immediately notified the NYSE that to regain compliance with the Listing Rule, the Company intends to take steps to increase the value of shares of its Class A common stock through executing its previously-announced business strategy and is considering other options for regaining compliance with the Listing Rule, including effecting a reverse stock split, subject to stockholder approval, which it would seek to obtain no later than at the Company's next annual stockholders' meeting.

"We believe that executing our previously-announced business strategy will increase the value of shares of our Class A common stock in a manner sufficient to regain compliance with the Listing Rule," said Mark Kent, Chief Executive Officer of Cano Health. "However, we are prepared to pursue a reverse stock split, which would allow our stock to be more attractive to a broader range of investors, and I am pleased that InTandem Capital Partners, LLC, which controls ITC Rumba, LLC, our largest stockholder, has advised us that it intends to vote in favor of a reverse stock split should we pursue that path. We remain committed to our focus on increasing the value of our Company by driving our strategy, while at the same time continuing to evaluate strategic interest in the Company, as previously announced."

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