Cano Health (NYSE:CANO) said on Thursday there is substantial doubt about the company’s ability to continue as a going concern this year, sending its shares down about 48% after the bell.

Under its restructuring plan, the company expects to lower costs by reducing 17% of its current workforce, about 700 employees, in the third quarter of 2023.

The primary care provider, which went public in 2021 after merging with a Sternlicht-backed SPAC, also said it is pursuing a process to sell itself and is continuing efforts to divest its non-core assets and business lines.

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