A group of three former board directors holding approximately 35.7 percent of Cano Health shares have formed a group to "enhance shareholder value" at the troubled Miami-based primary care provider, which could result in selling off certain assets.
The three directors — Barry Sternlicht, Elliot Cooperstone and Lewis Gold, MD — recently resigned from the cash-strapped company amid criticism including accusations of "poor corporate governance." Mr. Sternlicht called for the immediate resignation March 30 of Cano Health CEO Marlow Hernandez, DO.
Cano's share price hit a one-year low to sink under the $1 threshold following news of the boardroom upheaval before reaching about $1.34 April 3 after the revelation the former directors may seek to restructure the company. Such restructuring could include the potential sale of Cano assets, according to other related Securities and Exchange Commission filings.
Mr. Sternlicht, who said he invested $50 million of his own money into Cano Health in June 2021 when Cano became a public company, as well as $800 million from investors linked to him, is listed as currently owning about 9.4 percent of the company, or 25,480,624 shares. At current Cano share prices, that represents approximately $34.7 million.
Cano Health declined to comment further other than to point Becker's to its public comments March 31 criticizing Mr. Sternlicht for his "reckless" and "irresponsible" behavior.