AREX Capital Expresses Disappointment in Enhabit’s Continued Excuses and Empty Promises

Highlights Enhabit’s Disappointing Total Stockholder Return

Believes Evidence Is Overwhelming that Enhabit’s Strategies Are Not Working

Emphasizes Enhabit’s Repeated Pattern of Making Promises It Does Not Keep and Claiming Progress It Has Not Achieved

Reiterates Enhabit’s Need for Industry-Specific Expertise on Board

AREX Capital Management, LP (together with its affiliates, “AREX”), the beneficial owner of approximately 4.9% of the outstanding common shares of Enhabit, Inc. (NYSE: EHAB) (“Enhabit” or the “Company”), today issued an open letter to its fellow stockholders expressing its disappointment in the Company’s recent investor presentation, which it believes recycles the same excuses and makes the same empty promises on which the Company has repeatedly failed to deliver.

The full text of the letter can be found here: Enhabit’s Excuses and Empty Promises.

AREX encourages stockholders to vote for all seven of its highly qualified nominees on the WHITE Proxy Card at the upcoming 2024 Annual Meeting of Stockholders. AREX believes this is the only way to ensure that Enhabit has a board of directors with the right experience and skills to effectively oversee management and help them drive operational improvements that can lead to significant value creation for stockholders.

Stockholders are encouraged to visit www.rehabEHAB.com for additional information and to download the presentation detailing the AREX Slate’s comprehensive plan to turn around Enhabit’s operational performance: Rehabilitate Enhabit.

About AREX

AREX Capital Management, LP is a value-oriented investment firm based in New York City. AREX takes a long-term, opportunistic approach to investing and focuses primarily on publicly traded companies with significant, unrealized potential.

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