Shares of Cano Health Inc.
CANO,
tumbled 50% after hours on Thursday after the primary-care provider and health-management platform said there was “substantial doubt” about its ability to keep operating, and that it was cutting staff and exploring interest in a sale. “Management has concluded that there is substantial doubt about the company’s ability to continue as a going concern within one year” amid liquidity issues, the company said in its second-quarter earnings release. Executives said they planned to cut 17% of the company’s workforce, and that it was “pursuing a comprehensive process to identify and evaluate interest in a sale of the Company, or all or substantially all of its assets.” Chief Executive Marlow Hernandez agreed to step down in June.
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