Shares of Jaws Acquisition Corp. (NYSE: JWS) trading higher with a heavy volume during the trading session of Thursday. Merger news has excited the stocks of the company. Jaws Acquisition Corp. and Cano Health LLC have announced today the news of the merger. Both companies have signed the merger agreement.

After the completion of the merger agreement, the merged company will work as Cano Health and will be registered on the New York Stock Exchange (NYSE) under the new Ticker Symbol. CEO Dr. Marlow Hernandez will continue to lead the company after the completion of the deal.

Cano Health which was established in 2009 is best known for its care services for more than 103,000 members through its network of 564 primary care physicians across 14 markets in Florida, Texas, Nevada, and Puerto Rico. The company is projected to be a $590 billion market in 2025.

The company will collect up to $935 million in transaction payments. It will use this payment to pay the debt and deliver growth capital. It has been disclosed that a significant majority of up to $465 million of profits are anticipated to be assigned to the financial sponsor of Cano Health.

Jaws Acquisition Corp. (NYSE: JWS) shares were trading up 4.64% as it gained +0.74 at the time of writing on Thursday. Jaws Acquisition Corp. (NYSE: JWS) share price went from a low point around $9.95 to briefly over $11.50 in the past 52 weeks, though shares have since pulled back to $10.60. Its shares surged 6.53% from its 52-weeks low and plunged -7.83% from its 52-weeks high.  JWS market cap has remained high, hitting $698.97 Million at the time of writing.

The deal will be executed after the approval of shareholders of Jaws Acquisition Corp. and after fulfilling other stated conditions. It is anticipated that the merger of the companies will bring a gross profit of up to $1.49 billion.

It also incorporated the financial contribution of $690 million of Cash held in Jaws Acquisition Corp.’s trust account and an $800 million simultaneous private settlement (PIPE) of common stock of the combined company, priced at $10.00 per share.