Cano Health received a notice from the New York Stock Exchange warning the struggling primary care chain it could be delisted for failing to comply with market capitalization rules. To regain compliance, Cano is now targeting $290 million in cost reductions by the end of this year, including $65 million it previously disclosed. The chain has been shutting down operations in some markets and looking for a buyer as part of its financial turnaround plan. Cano will now have to submit a plan on how it will regain compliance with the stock exchange’s rules within 18 months, according to the press release. If the NYSE doesn’t accept the proposal, the company could be suspended from trading and delisted.
Read the full article: Cano Accelerates Turnaround Plan after NYSE Delisting Notice //
Source: https://www.healthcaredive.com/news/cano-health-new-york-stock-exchange-delisting-notice-market-capitalization/703419