: Cano Health stock dives 50% on ‘going concern’ warning


Shares of Cano Health Inc. CANO, -0.65% 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.

This article was originally published by Marketwatch.com. Read the original article here.

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