Public (Nasdaq: PIII); faced delisting after its 2021 SPAC debut
The rise & fall
6 moments · 2017–2024
The key moments, with employee sentiment along the way.
2017
🌱
2017
Founded in Las Vegas
A physician-led group takes full financial risk for Medicare Advantage patients — value-based care's big bet.
GlobeNewswire
Dec 2021
📈
Dec 2021
The peak: a $2.3B SPAC debut$2.3B
Merges onto Nasdaq with Foresight Acquisition Corp, with PIPE money from Fidelity and Janus Henderson.
GlobeNewswire
2022
2022
Managed-care math bites
Heavy losses on risk-based contracts batter the newly public stock.
stockanalysis
2022
💔
2022
Slips out of the club
Barely a year after the champagne, the $2.3B price is history.
stockanalysis
2022–25
2022–25
The ~97% grind
The stock slides until the whole company is worth about $60M — and a delisting fight with Nasdaq begins.
stockanalysis
2022–24
💬
From the inside · Glassdoor reviews, 2022–24
Glassdoor reviews from the post-SPAC downturn described layoffs that came in more than one round despite leadership's assurances that jobs were safe — often with little warning — along with heavy turnover, frozen pay, and 'People, Passion, Purpose' messaging that felt hollow to many during the cuts.
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
P3 Health Partners is a value-based primary-care company managing Medicare Advantage patients under risk-based contracts, and it went public in December 2021 via a $2.3B SPAC merger with Foresight Acquisition Corp, with a PIPE backed by Fidelity and Janus Henderson.
Heavy losses and the harsh economics of managed care battered the stock, which collapsed roughly 97% to a market value around $60M and faced Nasdaq delisting.
Source: GlobeNewswire / DealFlow / stockanalysis ($2.3B EV / $2.4B equity de-SPAC via Foresight Acquisition Corp Dec 2021, PIPE incl. Fidelity and Janus Henderson; stock fell to ~$62M market cap)
Who ran it
Aric Coffman
CEO (since May 2024)
Still there — Chief Executive Officer · LinkedIn ↗
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
