By Svea Herbst-Bayliss

BOSTON, (Reuters) – Third Point LLC, a hedge fund that invests in Cano Health’s shares of stock, is pushing Cano Health into selling itself because its senior-care provider operator has seen its stock prices plummet since going public as a company with bare checks.

A regulatory filing by Daniel Loeb (a billionaire investor) stated that the New York-based firm now holds 6.4% of Miami’s company. This makes it the third largest investor.

Third Point, an investor in $18 billion, paid $106 million for 11.5 million shares to purchase, according to the filing.

Loeb has been involved in activist campaigns for Baxter International (NYSE 🙂 Campbell Soup Recently, Company was pushed (NYSE: Intel Corp (NASDAQ:) To make the changes, he stated his firm isn’t currently seeking board members. According to the filing, the firm had “confidence” in its strategy and the management team.

The filing stated that this could change if the company doesn’t address the “value gaps” between its share prices and its intrinsic value.

Loeb stated that Cano’s low stock price could be due to investors’ “a generally unfavorable” view of special-purpose acquisition companies. Loeb urged Cano to engage lawyers and bankers to examine strategic options and stated that the strategic review should be focused on selling.

Cano Health’s merger with Barry Sternlicht, an investor in special purpose acquisitions company Special Purpose Acquisition Company was completed in June. The stock price of Cano Health fell more than half its value. The stock price jumped 40% Wednesday on the news that Third Point was involved. This valuation of the company is $3 billion.

Cano stated in a statement it was “successfully” executing its strategy and that there is strong momentum. “As evidenced by our 115% year over-year membership growth and continued growth through 2022, Cano.” It also welcomed shareholder views. The company operates eight primary care medical centers in U.S. States and Puerto Rico.

Third Point participated in a private placement alongside Sternlicht and Fidelity Management & Research Company and BlackRock (NYSE:), according to a statement made when the deal was announced.