UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________________

FORM 8-K

________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 1030, 2023

Oak Street Health, Inc.

(Exact name of registrant as specified in its charter)

________________________________________________________________


Delaware	001-39427	84-3446686
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

30 W. Monroe Street Suite 1200 Chicago, Illinois 60603
(Address of principal executive offices)

Delaware

001-39427

84-3446686

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

(844) 871-5650

30(Registrant’s W.telephone ~~Monroe~~number, ~~Street~~including area code)

Suite 1200

Chicago, Illinois 60603

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (888) 898-6762

Not Applicable

(Former name or former address, if changed since last report.)

~~________________________________________________________________~~Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

~~Check~~☐ ~~the~~Written ~~appropriate~~communications ~~box~~pursuant ~~below if the Form 8-K filing is intended~~ to ~~simultaneously~~Rule ~~satisfy~~425 ~~the filing obligation of the registrant~~ under ~~any of~~ the ~~following~~Securities ~~provisions~~Act (~~see~~17 ~~General~~CFR ~~Instruction A~~230.~~2. below~~425):

☐☒ ~~Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐~~ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

TradingSymbol(s)

Name of each exchangeon which registered

~~Trading Symbol(s)~~

~~Name of each exchange on which registered~~

Common Stock, $0.001 par value

OSH

The New York Stock Exchange

~~OSH~~

~~New York Stock Exchange~~

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o☐

Item 8.01 Other Events.

AsOn ~~previously~~March 30, ~~disclosed~~2023, ~~Silicon Valley Bank ("SVB") is a lender under~~ Oak Street Health, Inc.~~'s (the "Company") $300 million term loan credit facility~~, ~~with~~a ~~Hercules~~Delaware ~~Capital,~~corporation ~~Inc.~~ (~~"Hercules~~“Oak ~~Capital")~~Street ~~committed to fund 80% of the term loan commitments and SVB committed to fund the remaining 20%. To date~~Health”), ~~the~~issued ~~Company~~a ~~has~~press ~~drawn down $75 million under the term loan credit facility. Of the remaining undrawn $225 million~~release, ~~SVB~~a ~~was~~copy ~~committed to providing $45 million. While the Hercules Capital portion~~ of ~~the~~which ~~term loan commitment~~ is ~~unaffected,~~furnished itas isExhibit ~~unclear~~99.1 ~~at this time whether~~ and toincorporated ~~what~~by ~~extent~~reference ~~the~~into ~~Company~~this ~~will~~Item be8.01, ~~able~~announcing tothat ~~draw~~Oak ~~upon~~Street ~~SVB~~Health’s ~~remaining~~Board ~~portion~~ of ~~the~~Directors ~~term loan commitment. The Company~~ has ~~the~~cancelled ~~ability~~its to2023 ~~draw~~Annual ~~down~~Meeting ~~amounts under the term loan credit facility over the life~~ of ~~the~~Stockholders ~~loan~~previously ~~pursuant~~scheduled tofor ~~separate~~April ~~tranches~~27, 2023, at ~~specified~~8:30 ~~time~~A.M., ~~periods~~Central Time.

~~SVB~~Cautionary ~~also~~Statement ~~provided~~Regarding ~~the~~Forward-Looking ~~Company~~Statements with certain commercial banking and treasury management services. Consistent with the terms of the term loan credit facility, the Company maintained less than a quarter of its cash, cash equivalents and marketable debt securities at SVB. On March 12, 2023, the United States Treasury announced that all SVB depositors would have access to their funds on March 13, 2023. Accordingly, the Company expects to have full access to its funds on that date.

AThe ~~copy~~Private Securities Litigation Reform Act of ~~the~~1995 ~~Company's~~provides ~~Loan~~a ~~Agreement~~safe ~~dated~~harbor ~~September~~for 30forward-looking statements made by or on behalf of Oak Street Health. This Current Report on Form 8-K contains forward-looking statements, ~~2022~~which ~~governing~~include ~~its~~all ~~term~~statements ~~loan~~that ~~credit~~do ~~facility~~not isrelate ~~filed~~solely to historical or current facts, such as ~~Exhibit~~statements 4regarding Oak Street Health’s expectations, intentions or strategies regarding the future.5 toIn some cases, you can identify forward-looking statements by the ~~Company's~~following ~~Annual~~words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “aim,” “potential,” “continue,” “ongoing,” “goal,” “can,” “seek,” “target” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Statements in this Current Report on Form 108-K ~~for~~that are forward looking may include, but are not limited to, statements regarding the ~~year~~expected ~~ended~~timing ~~December~~of 31the closing of the proposed acquisition and other transactions contemplated by the merger agreement governing the proposed transaction (the “Merger Agreement”). By their nature, ~~2022~~all ~~filed~~forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Such risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstance that could give rise to the right of Oak Street Health or CVS Health Corporation (“CVS Health”) or both of them to terminate the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; the failure to obtain Oak Street Health stockholder approval in a timely manner or otherwise; the risk that the acquisition may not close in the anticipated timeframe or at all due to one or more of the other closing conditions to the transaction not being satisfied or waived; the risk that there may be unexpected costs, charges or expenses resulting from the proposed acquisition; risks that the proposed transaction disrupts Oak Street Health’s current plans and operations; the risk that certain restrictions during the pendency of the proposed transaction may impact Oak Street Health’s ability to pursue certain business opportunities or strategic transactions; risks related to disruption of each company’s management’s time and attention from ongoing business operations due to the proposed transaction; continued availability of capital and financing and rating agency actions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Oak Street Health’s common stock, credit ratings or operating results; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Oak Street Health to retain and hire key personnel, to retain customers and to maintain relationships with its business partners, suppliers and customers and on its operating results and businesses generally, including with respect to Humana Inc. and its affiliates, which lease or license to Oak Street Health a majority of Oak Street Health’s primary care centers; the risk of litigation that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers and/or regulatory actions related to the proposed acquisition, including the effects of any outcomes related thereto; risks related to unpredictable and severe or catastrophic events, including but not limited to acts of terrorism, war or hostilities, cyber attacks, or the impact of the COVID-19 pandemic or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on Oak Street Health’s business, financial condition and results of operations, as well as the response thereto by each company’s management; and other business effects, including the effects of industry, market, economic, political or regulatory conditions. Also, Oak Street Health’s actual results may differ materially from those contemplated by the forward-looking statements for a number of additional reasons as described in Oak Street Health’s filings with the Securities and Exchange Commission (the “SEC”), including those set forth in the Risk Factors section and under any “Forward-Looking Statements” or similar heading in Oak Street Health’s most recently filed Annual Report on ~~February~~Form ~~28,~~10-K ~~2023~~and Oak Street Health’s Current Reports on Form 8-K.

~~Forward~~You are cautioned not to place undue reliance on Oak Street Health’s forward-~~Looking~~looking ~~Statements~~statements. Oak Street Health’s forward-looking statements are and will be based upon management’s then-current views and assumptions regarding CVS Health’s proposed acquisition of Oak Street Health, future events and operating performance, and are applicable only as of the dates of such statements. Oak Street Health assumes no duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

This Current Report on Form 8-K contains “forward-looking” statements that are based on the Company’s beliefs and assumptions and on information currently available to the Company on the date of this Current Report on Form 8-K. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “may,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, estimates regarding the sufficiency of the Company’s cash, cash equivalents, and marketable debt securities, cash flow from operations and the Company's ability to recover its cash in deposit at SVB. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause the Company’s actual results to differ materially from the results anticipated by the Company’s forward-looking statements is included in the reports the Company has filed with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. All information provided in this Current Report on Form 8-K is as of March 10, 2023, and the Company undertakes no duty to update this information unless required by law.

~~SIGNATURE~~Additional Information and Where to Find It

~~Pursuant~~This tocommunication is being made in respect of the ~~requirements~~proposed transaction involving Oak Street Health and CVS Health. Oak Street Health has filed a definitive proxy statement and a form of proxy card with the ~~Securities~~SEC ~~Exchange~~in ~~Act~~connection with the solicitation of ~~1934,~~proxies for the ~~registrant~~special ~~has~~meeting ~~duly~~of ~~caused~~stockholders ~~this~~of ~~report~~Oak Street Health relating to bethe ~~signed~~proposed transaction (the “Definitive Proxy Statement”). This Current Report on ~~its~~Form ~~behalf~~8-K byis not a substitute for the ~~undersigned~~Definitive ~~hereunto~~Proxy ~~duly~~Statement ~~authorized~~or any other document that may be filed by Oak Street Health with the SEC.

~~Dated:~~BEFORE ~~March 13~~MAKING ANY DECISION, ~~2023~~OAK STREET HEALTH STOCKHOLDERS ARE URGED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE DEFINITIVE PROXY STATEMENT BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at Oak Street Health,’s ~~Inc~~special meeting of stockholders to approve the proposed transaction or other responses in relation to the proposed transaction should be made only on the basis of the information contained in the Definitive Proxy Statement. ~~By:~~You /may obtain a free copy of the Definitive Proxy Statement and other related documents filed by Oak Street Health and documents filed by CVS Health with the SEC at the website maintained by the SEC at www.sec.gov or by accessing the Investor Relations section of Oak Street Health’s/ ~~Tim~~website ~~Cook~~at ~~Name~~https://www.oakstreethealth.com ~~Tim~~for ~~Cook~~documents ~~Title~~filed by Oak Street Health or the Investors portion of CVS Health’s website at https://investors.cvshealth.com ~~Chief~~for ~~Financial~~documents ~~Officer~~filed by CVS Health.

No Offer or Solicitation

This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Oak Street Health, CVS Health and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Oak Street Health’s stockholders in connection with the proposed transaction. Information regarding CVS Health’s directors and executive officers is contained in CVS Health’s Definitive Proxy Statement for its 2022 Annual Meeting of Stockholders filed with the SEC on April 1, 2022, as updated by CVS Health’s subsequent filings made on www.sec.gov. Information regarding Oak Street Health’s directors and executive officers, including a description of their respective direct or indirect interests, by security holdings or otherwise, is and will be included in the Definitive Proxy Statement and Oak Street Health’s other filings with the SEC made subsequent to the date of the Definitive Proxy Statement. To the extent holdings of Oak Street Health’s securities by such directors or officers have changed or will change since the amounts printed as of a date disclosed in the Definitive Proxy Statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or other ownership reports filed with the SEC. Additional information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Definitive Proxy Statement and other materials to be filed with the SEC in connection with the special meeting of Oak Street Health’s stockholders. These documents can be obtained free of charge from the SEC’s website at www.sec.gov or by accessing the Investor Relations section of Oak Street Health’s website at https://www.oakstreethealth.com for documents filed by Oak Street Health or the Investors portion of CVS Health’s website at https://investors.cvshealth.com for documents filed by CVS Health.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Description

99.1		Press Release, issued on March 30, 2023.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OAK STREET HEALTH, INC.

Date: March 30, 2023

/s/ Robert Guenthner

Name: Robert Guenthner

Title: Chief Legal Officer

Filing Compare · Oak Street Health, Inc.