Cano Health
- 🦄Became a unicorn2021
- 📈Peak valuation$4.4 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuationWiped out
How it happened
Cano Health ran value-based primary-care clinics for Medicare Advantage patients, mostly in Florida, and went public in 2021 through a $4.4B SPAC merger with Barry Sternlicht's Jaws Acquisition Corp. Aggressive debt-funded expansion collided with regulatory and reimbursement headwinds, and the stock collapsed toward zero. Cano filed for Chapter 11 in February 2024, emerging that July as a private company after converting about $1B of debt into equity and wiping out shareholders. Glassdoor reviews described a company expanding far faster than it could staff its clinics, many left chronically understaffed, followed by repeated layoff rounds that employees said arrived with little warning as the business slid into Chapter 11.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: Axios / SEC / VMG Health ($4.4B SPAC deal with Barry Sternlicht's Jaws Acquisition Corp 2021; Chapter 11 Feb 2024; emerged July 2024 having cut ~$1B debt, wiping out shareholders)
