# EDGAR Filing Document

**Accession Number:** 0001034657
**File Stem:** 0000899140-23-000493
**Filing Date:** 2023-3
**Character Count:** 17350
**Document Hash:** d4e43554763d42674732182ad54ffc3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899140-23-000493.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0000899140-23-000493

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cano Health, Inc.
- **CENTRAL INDEX KEY:** 0001800682
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91632
- **FILM NUMBER:** 23789192

**BUSINESS ADDRESS:**
- **STREET 1:** 9725 NW 117TH AVENUE, SUITE 200
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33178
- **BUSINESS PHONE:** 2034227700

**MAIL ADDRESS:**
- **STREET 1:** 9725 NW 117TH AVENUE, SUITE 200
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33178

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jaws Acquisition Corp.
- **DATE OF NAME CHANGE:** 20200121
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STERNLICHT BARRY S
- **CENTRAL INDEX KEY:** 0001034657

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**MAIL ADDRESS:**
- **STREET 1:** STARWOOD CAPITAL GROUP GLOBAL LP
- **STREET 2:** 1601 WASHINGTON AVENUE, SUITE 800
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> Washington, D.C. 20549

#### SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)\*

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| |
|:---|
| Cano Health, Inc. |
| (Name of Issuer) |
| Class A common stock, $0.0001 par value per share |
| (Title of Class of Securities) |
| 13781Y103 |
| (CUSIP Number) |
| Michael Racich<br> 1601 Washington Avenue, Suite 800<br> Miami Beach, Florida 33139<br> (203) 422-7718<br>|
| (Name, Address and Telephone Number of Person<br> Authorized to Receive Notices and Communications) |
| March 30, 2023 |
| (Date of Event which Requires Filing of this Statement) |

---

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ☐

**Note:** Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Barry S. Sternlicht | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Barry S. Sternlicht | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Barry S. Sternlicht | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>Barry S. Sternlicht |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | <br> (a) ☐<br>(b) ☐ <br>|
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| 4 | SOURCE OF FUNDS<br>AF, PF | SOURCE OF FUNDS<br>AF, PF | SOURCE OF FUNDS<br>AF, PF | SOURCE OF FUNDS<br>AF, PF |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ☐ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United States | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United States | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United States | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United States |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 7 | SOLE VOTING POWER<br>25,480,624<sup>(1)</sup> | SOLE VOTING POWER<br>25,480,624<sup>(1)</sup> |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 8 | SHARED VOTING POWER<br>0 | SHARED VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 9 | SOLE DISPOSITIVE POWER<br>25,480,624<sup>(1)</sup> | SOLE DISPOSITIVE POWER<br>25,480,624<sup>(1)</sup> |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | 10 | SHARED DISPOSITIVE POWER<br>0 | SHARED DISPOSITIVE POWER<br>0 |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>25,480,624 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>25,480,624 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>25,480,624 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>25,480,624 |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: | ☐ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>9.4%<sup>(2)</sup> | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>9.4%<sup>(2)</sup> | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>9.4%<sup>(2)</sup> | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>9.4%<sup>(2)</sup> |
| 14 | TYPE OF REPORTING PERSON<br>IN | TYPE OF REPORTING PERSON<br>IN | TYPE OF REPORTING PERSON<br>IN | TYPE OF REPORTING PERSON<br>IN |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of this Schedule 13D or for any other
 purpose.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Percentage is calculated based on 264,174,645 shares of Class A Common Stock issued and outstanding as of March 13, 2023 as reported
 by the Issuer in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission on March 15, 2023 (the " <u>Form 10-K</u> "), plus shares
 of Class A Common Stock underlying the Private Placement Warrants and restricted stock units (" <u>RSUs</u> ") held by the Reporting Person or affiliates thereof.

------

This Amendment No. 2 to Schedule 13D (this "<u>Amendment No. 2</u>") is being filed with respect to the shares of Class A Common Stock, $0.0001 par value per share (the "<u>Common Stock</u>") of Cano Health, Inc., a Delaware corporation (the "<u>Issuer</u>"), to amend the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") on July 14, 2021 (as amended by Amendment No. 1 thereto filed on July 27, 2021, and this Amendment No. 2, the "<u>Schedule 13D</u>" or this "<u>Statement</u>"). Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Schedule 13D.

This Amendment No. 2 is being filed to amend Item 4, Item 5 and Item 7 of the Schedule 13D as follows:

#### Item 4. Purpose of Transaction.

Item 4 of the Schedule 13D is hereby amended by adding the following thereto:

On March 30, 2023, the Reporting Person resigned as a director of the Issuer. In connection therewith, the Reporting Person delivered a letter to the board of directors of the Issuer (the "<u>Board</u>"), which is attached as Exhibit G hereto (the "<u>Resignation Letter</u>") and is incorporated by reference in its entirety into this Item 4. On March 30, 2023, the Reporting Person also caused the issuance of a press release containing a copy of the Resignation Letter.

The Reporting Person may consider, explore and/or develop plans and/or make proposals (whether preliminary or final) with respect to, among other things, the Issuer's performance, operations, management (including potential changes to the Chairperson and Chief Executive Officer of the Issuer), governance (including potential changes to the Board), conflicted party transactions, capital allocation policies, and strategy and plans of the Issuer, including a potential strategic review or sale process involving the Issuer or certain of the Issuer's businesses or assets. The Reporting Person intends to communicate with other stockholders of the Issuer with respect to the matters referred to in the preceding sentence and other matters relating to the Issuer, and may engage with the Board, management and other third parties with respect to such matters, including potential acquirers and financing sources thereof. Without limiting the foregoing, the Reporting Person may seek to reconstitute the Board or take other actions that may influence the outcome of any vote of the stockholders of the Company.

The Reporting Person intends to review his investment in the Issuer on a continuing basis and depending upon various factors, including, without limitation, the Issuer's financial position and strategic direction, overall market conditions, the outcome of any discussions referenced above, other investment opportunities available to the Reporting Person, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Person may endeavor (i) to increase or decrease his position in the Issuer through, among other things, the purchase or sale of securities of the Issuer, including through transactions involving Class A Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer in the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Person may deem advisable; and/or (ii) to enter into transactions that increase or hedge the economic exposure to the Class A Common Stock without affecting the beneficial ownership of shares of Class A Common Stock. In addition, the Reporting Persons may, at any time and from time to time, (i) review or reconsider his position and/or change his purpose and/or formulate plans or proposals with respect thereto and (ii) propose or consider one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

#### Item 5. Interest in Securities of the Issuer.

Item 5(a), 5(b) and 5(c) of the Schedule 13D is each hereby amended and restated to read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Aggregate number and percentage of securities.** The aggregate number and percentage of shares of Class A Common
 Stock beneficially owned by the Reporting Person is based on 264,174,645 shares of Class A Common Stock outstanding as of March 13, 2023 as reported in the Form 10-K, plus the RSUs and the shares of
 Class A Common Stock underlying the Private Placement Warrants that are held by the Reporting Person or affiliates thereof as is set forth in boxes 11 and 13 of the second part of the cover page to this Statement, and such information is
 incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Power to vote and dispose.** The amounts of Class A Common Stock as to which the Reporting Person has sole voting power, shared voting power, sole
 dispositive power and shared dispositive power is set forth in boxes 7, 8, 9 and 10, respectively, on the second part of the cover page to this Statement, and such information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(c) **Transactions in Last 60 Days**. No transactions in the shares of Class A Common Stock have been effected during the past sixty (60) days by the Reporting Person,
 inclusive of any transactions effected through 4:00 p.m., New York City time, on March 31, 2023.

#### Item 7. Material to Be Filed as Exhibits.

#### <br>

#### Item 7 of the Schedule 13D is hereby amended to include a new exhibit thereto as follows:

G – Resignation Letter, dated March 30, 2023, from the Reporting Person to the Board of Directors of Cano Health, Inc.

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#### SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: March 31, 2023

Barry Stuart Sternlicht

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| | |
|:---|:---|
| By: | <u>/s/ Michael Racich, Attorney-in-Fact for Barry Stuart Sternlicht</u>_ |
|  | Barry S. Sternlicht |

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## Exhibit 99.1

#### EXHIBIT G
BARRY STERNLICHT

March 30, 2023

Dear Marlow and Fellow Board Members:

I hereby give notice of my resignation from the Board of Directors of Cano Health, Inc. effective immediately.

As you all know, since June 4, 2021 when we closed the merger of JAWS Acquisition Corp. with Cano Health, and Cano officially became a public company, I have worked tirelessly to support the Company's mission and help it become a professionally run public company. I believed in Cano's mission of providing high quality health care to the largely underserved and was impressed by the personal story, the passion and conviction of its CEO, Marlow Hernandez. I personally invested $50 million of the $800 million PIPE we raised from blue chip investors/shareholders like Fidelity, Third Point, Maverick, BlackRock and Owl Creek who shared my passion and enthusiasm for the firm. In total, we handed the company in excess of $1.4 billion in June 2021, less than two years ago. Fast forward to today, this management team has expended nearly all this cash and the Company has not enjoyed any demonstrable improvement in its core profitability. My interests are 100% aligned with the shareholders. The directors who have voiced serious concerns about the status quo have much more at stake in the Company, respectively, than the other members of the Board who appear willing to support the CEO at any cost. Unfortunately, I can no longer lend my name and reputation to the Company, nor support actions of the Board and Marlow Hernandez, which I believe are not in the best interest of stockholders.

I have communicated my concerns to the Board and to Marlow Hernandez directly on numerous occasions, but they have largely been ignored. To be crystal clear, I do not believe Marlow should remain the Chairman & CEO of the Company. I believe that his continued tenure is harmful to the interests of stockholders and to Cano employees for all the reasons I have previously stated to you.

I remain extremely troubled by the poor operating decisions and performance, by what I consider the opacity and obfuscation of information furnished to the Board, and by the inability to forecast the Company's financial performance over which Marlow and his management team have presided. These factors have caused the Company's stock price to be decimated, dropping over 90% from its debut, and the Company is now saddled with a crippling debt burden. The number and nature of related party transactions, together with what I consider poor governance (demonstrated by transactions such as MSP Recovery), is highly concerning to me as it should be to the rest of the Board.

Instead of the Board calling the CEO to account, the majority of the Board has decided to continue to support the CEO and to continue to preside over the destruction of shareholder value. Over the past year and a half, some shareholders have called me to voice their concern over Marlow's stewardship and the Company's financial deterioration. I listened and conveyed their thoughts, which included these negative perceptions of our CEO, to the Board. The minority of the Board – myself, Lew Gold and Elliot Cooperstone – have tried to effectuate change, but as a minority our hands are limited by those who remain firmly aligned with Marlow for reasons I cannot understand. I have never witnessed such poor corporate governance at any company, let alone a public company, and I have been involved in at least nine and served as Chairman or CEO of six.

As a steward of shareholder capital with fiduciary duties to stockholders, I cannot continue as a director under these circumstances.

Lest there be any doubt, I am tendering my resignation because I have a fundamental disagreement with management as set forth in Item 502(a) of Form 8-K.

Sincerely yours,

Barry Sternlicht

2340 Collins Avenue \| Miami Beach, FL 33139