Filed Chapter 11 (Feb 2024); emerged July 2024 as a private company after converting ~$1B of debt to equity.
The rise & fall
9 moments Β· 2009β2024
The key moments, with employee sentiment along the way.
2009
π±
2009
Founded in Florida
A Miami-area primary-care group built around value-based care for Medicare Advantage patients.
Wikipedia
2021
π
2021
The peak: a $4.4B SPAC debut$4.4B
Merges with Jaws Acquisition Corp and lists on the NYSE β instant unicorn at the top.
Axios
2022β23
2022β23
Debt-fueled expansion meets headwinds
Aggressive clinic buildouts collide with regulatory and reimbursement pressure; losses mount and the stock heads toward zero.
Axios
2022
π
2022
The unicorn days end
Barely a year after the debut, the market cap falls below $1B.
Axios
2023
2023
Boardroom revolt
Directors β including the SPAC's own backer β resign from the board and campaign for new leadership as the cash runs down.
Axios
2022β24
π¬
From the inside Β· Glassdoor reviews, 2022β24
Glassdoor reviews described a company expanding far faster than it could staff its clinics β many chronically short-handed β then repeated layoff rounds employees said arrived with little warning as the business slid toward Chapter 11.
Feb 2024
πͺ¦
Feb 2024
Chapter 11 β joins the Unitard Club π
Files for bankruptcy under the weight of its expansion debt and reimbursement cuts.
SEC filing
Jul 2024
Jul 2024
Emerges private; shareholders wiped out
About $1B of debt converts to equity and Cano exits Chapter 11 as a private company.
SEC filing
$4.4Bof peak value erased Β· 13 years
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
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.
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)
