Cano Health Announces Consummation Of Previously-Announced 1-For-100 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
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 its Board of Directors. The reverse stock split is expected to enable the company's Class A common stock to regain compliance with the New York Stock Exchange's listing rules. The company's Class A common stock will begin trading on a split-adjusted basis on November 3, 2023. The total number of Class A and Class B common stock authorized for issuance will be reduced significantly. The company believes the reverse stock split will increase the price per share of the company's Class A common stock and make it more attractive to a broader range of investors.
November 02, 2023 | 4:03 pm
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Cano Health's reverse stock split is expected to increase the price per share of its Class A common stock and make it more attractive to a broader range of investors. However, the company cannot assure that the price will reflect the 1-for-100 reverse split ratio or that the price will remain above the pre-split trading price.
The reverse stock split is a significant event for Cano Health as it aims to regain compliance with NYSE's listing rules and attract a broader range of investors by increasing the price per share. However, the company itself has stated that it cannot assure that the price will reflect the 1-for-100 reverse split ratio or that the price will remain above the pre-split trading price, indicating uncertainty about the future price stability.
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