Cano Health Closes Business Combination with Jaws Acquisition Corp. and Will Begin Trading on the New York Stock Exchange
MIAMI, June 3, 2021 / PRNewswire / – Cano Health, Inc. (“Cano Health,” the “Company,” “we,” “our” or “us”), a leading value-based provider of primary care to the elderly and underserved communities, today announced it completed its business combination with Jaws Acquisition Corp. (“Jaws”) (NYSE: JWS) completed. The business combination announced by Jaws’ shareholders at its special meeting on June 2, 2021, will enable Cano Health to achieve its vision of becoming America’s leader in primary care and accelerate the company’s growth.
(PRNewsfoto / Cano Health, LLC)
beginning June 4, 2021, Cano Health’s Class A common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “CANO”.
“This is an important milestone for Cano Health and for underserved patients as it allows us to grow our brand of high quality, affordable primary care across the country,” said Dr. Marlow Hernandez, Co-Founder, Chairman and CEO of Cano Health. “Our calling is to fundamentally improve health care so that patients can lead longer and more fulfilling lives. We believe our strategy of building, buying and managing primary care centers with a focus on the elderly population positions Cano Health strongly for the future as we are leading the way in entering new markets with our brand promise of putting our members first, delivering world class results and maintain close relationships with all stakeholders. “
“Cano is a great American success story, a story of passionate people committed to serving the underserved communities in which it operates and providing better health care at a lower cost with superior results,” said Barry starlight, Founder and Chairman of Jaws Acquisition Corp. “It is run by equally passionate leaders, in Drs. Marlow Hernandez and Richard Aguilar. This is the story of a company that is doing well and is sure to grow while doing good. We look forward to accompanying you on this journey. “
The story goes on
DR. Marlow Hernandez will continue to lead Cano Health as CEO and Chairman of the Board of Directors along with the company’s highly experienced leadership team. Members of the team are the Chief Clinical Officer Dr. Richard Aguilar, CFO Brian Koppy, Chief Compliance Officer and General Counsel David Armstrong, Chief Strategy Officer Dr. John McGoohan, Chief Population Health Officer Pedro lamb, Chief People Officer Jennifer Hevia, President of Cano Medical Center Gina Portilla, President of Healthy Partners Bob Camerlinck, SVP of Acquisitions Joel Lago and Chief Brand Officer Barbara Ferreiro.
As a result of the business combination, Cano Health received approx. $ 1.49 billion of the gross proceeds, of which approx. $ 690 million Cash in escrow from Jaws and $ 800 million from private placement (PIPE) investors, including Barry starlight and funds affiliated with Fidelity Management & Research Company LLC, as well as funds and accounts managed by BlackRock, Third Point and Maverick Capital.
Moelis & Company acted as financial advisor to Cano Health. Credit Suisse acted as financial advisor and exclusive capital market advisor to Cano Health. Credit Suisse also acted as the exclusive placement agent for the private offering. Goodwin Procter LLP served as legal advisor to Cano Health. Kirkland & Ellis LLP served as legal advisor to Jaws Acquisition Corp. Cravath, Swaine & Moore LLP served as legal counsel to certain Cano Health shareholders, including members of the company’s management.
About Cano Health
Cano Health operates value-based primary care centers and supports affiliated medical practices focused on providing primary care to seniors in Florida, Texas, Nevada, and Puerto Rico, with further markets in development. As part of its care coordination strategy, Cano Health offers sophisticated, exciting public health management programs, including telemedicine, prescription home delivery, wellness programs, transitional care, and high-risk and complex care management.
The company’s personalized patient care and proactive approach to wellness and prevention set it apart from the competition. Cano Health has continuously improved clinical outcomes while reducing costs, giving patients the opportunity to live longer, healthier lives. Cano serves a predominantly minority population (80% of its patients are Latinos or African American) and a low-income population (50% of its patients are dual Medicare and Medicaid). For more information, please visit www.canohealth.com or www.canohealth.com/investors/.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements contain statements about our future growth and strategy. Words like “anticipate”, “believe”, “budget”, “consider”, “further”, “could”, “imagine”, “estimate”, “expect”, “guide”, “state”, “intend”, “” Could “,” could “,” plan “,” possibly “,” potentially “,” predict “,” likely “,” pro forma “,” project “,” aim “,” should “,” aim, ” “or” will “or the negative or other variations thereof and similar words or phrases or similar terminology are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, and assumptions and other important factors, many of which are beyond the control of the company and which could cause actual results or results to differ materially from those discussed in the forward-looking statements.
Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those expressed in any forward-looking statements include, but are not limited to, changes in market or industry conditions, the regulatory environment, competitive conditions and the ability to absorb our services; our ability to continue our growth; Changes in the laws and regulations that apply to our business; our ability to maintain our relationships with health insurers and other key payers; the impact of COVID-19 or any other pandemic, epidemic or infectious disease outbreak on our business and results of operations; and our ability to recruit and retain qualified team members and independent physicians. For a detailed explanation of the risk factors that may affect our actual results, please refer to the risk factors set out in the final proxy statement / prospectus issued by Jaws Acquisition Corp. has been filed with the SEC May 7, 2021 and in our subsequent reports filed with the SEC. All information contained in this press release is as of the date of this press release and we assume no obligation to update or revise this information unless required by law.
Jaws Acquisition Corp.
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SOURCE Cano Health, LLC