Cano Health, Inc. (NYSE: CANO) has completed a 1-for-100 reverse stock split of its Class A and Class B common stock, following approval by the company’s stockholders and board of directors. The reverse stock split became effective on November 2, 2023.
This reverse stock split aims to increase the price per share of Cano Health’s Class A common stock, which is expected to help the company regain compliance with the New York Stock Exchange’s listing rules. After the reverse stock split, Cano Health’s Class A common stock will continue trading under the symbol “CANO” on the NYSE, with a new CUSIP number.
As a result of the reverse stock split, each Class A and Class B stockholder will receive 1 new share of common stock for every 100 shares they held before the split. This also applies to holders of membership units in Primary Care (ITC) Intermediate Holdings, LLC (PCIH common units). The total authorized shares of Class A and Class B common stock will be reduced significantly.
Outstanding stock options and unvested restricted stock units (RSUs) will be proportionately adjusted to reflect the reverse stock split, and the number of authorized shares under the stock plan will also be reduced.
No fractional shares will be issued, and any resulting fractional shares will be sold on the open market, with the proceeds distributed to shareholders pro rata.
Outstanding warrants to purchase Class A common stock will be adjusted in accordance with the terms of the warrants, including changes to the exercise price and the number of shares issuable upon exercise.
The reverse stock split is intended to make Cano Health’s common stock more attractive to investors and help it regain compliance with the NYSE’s listing criteria. However, there is no guarantee that the stock’s price will remain at a certain level after the reverse stock split.
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