FOXO TECHNOLOGIES INC. ANNOUNCES THAT STOCKHOLDERS EQUITY IS GREATER THAN $4M, WHICH IS REQUIRED TO MEET THE CONTINUED LISTING REQUIREMENTS OF THE NYSE AMERICAN EXCHANGE

FOXO TECHNOLOGIES INC. ANNOUNCES THAT STOCKHOLDERS EQUITY IS GREATER THAN $4M, WHICH IS REQUIRED TO MEET THE CONTINUED LISTING REQUIREMENTS OF THE NYSE AMERICAN EXCHANGE

FOXO Technologies Inc.

MINNEAPOLIS, MN, Dec. 16, 2024 (GLOBE NEWSWIRE) — FOXO Technologies Inc. (NYSE American: FOXO) (the “Company” or “FOXO”) announces that recent transactions have led to the Company having stockholders equity greater than $4M and, as a result, it has regained compliance with NYSE American continued listing requirements for stockholders equity.

As was disclosed in the Company’s Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 19, 2024, the Company had a stockholders’ deficit of approximately $17.5 million in its unaudited financial statements as of September 30, 2024. Since then, the Company has been working to secure agreements from certain creditors, debt holders, and investors to exchange their debt to equity in the form of Preferred Stock which would be treated as equity.

The Company was successful in securing:

  • Rennova Health, Inc.’s exchange of $21 million of the Company’s Senior Secured Note issued by Rennova Community Health, Inc. (the Company’s wholly owned subsidiary) into 21,000 shares of the Company’s Series A Cumulative Convertible Redeemable Preferred Stock (“Series A Preferred Stock”)

  • An institutional investor’s additional funding of $1.0 million and exchange of approximately $2.2 million of Senior Notes (including the newly issued approximately $1.0 million) into 2,464 shares of the Company’s Series A Preferred Stock

  • Settlement of certain liabilities owed to KR8 AI, Inc., and the termination of a license agreement in exchange for 3,000 shares of the Company’s newly designated Series D Cumulative Convertible Redeemable Preferred Stock

  • Additionally, the Company had approximately $1.0 million of other liabilities and notes converted to approximately 2 million shares of Class A Common Stock since October 1, 2024

“I am delighted we can inform our shareholders that stockholder’s equity is now greater than $4 million,” said Seamus Lagan, the Company’s Chief Executive Officer. “We believe this eliminates the risk of delisting from NYSE American for a stockholders equity deficiency that has hung over the Company for the past 18 months. We are committed to continued growth and improvements for the benefit of our shareholders in the coming years,” continued Mr. Lagan.

The Company filed a Current Report on Form 8-K with the SEC on December 10, 2024, which provides additional details on the above transactions and related Company actions and activities. If at any time in the future the Company falls out of compliance with the stockholders equity requirements to meet NYSE American continued listing rules, the Company would be subject to immediate reevaluation by NYSE American.

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