FOXO Technologies Inc. Announces Receipt of Notice of Non-Compliance with NYSE Continued Listing Requirements; Completes Steps it Believes are Required to Regain Compliance

Rhea-AI Summary

FOXO Technologies has received a non-compliance notice from the NYSE American due to overdue listing fees exceeding 180 days. The company missed the June 7, 2024 deadline for payment but has since settled the fees. FOXO's Interim CEO, Mark White, attributed the delay to short-term capital allocation strategies, including planned acquisitions expected to boost cash flow. Despite the delinquency, FOXO aims to regain compliance with NYSE standards soon. The company is now under the procedures outlined in Section 1009 of the NYSE Company Guide.

Positive

• FOXO has settled the overdue listing fees, improving its compliance status.
• Planned acquisitions are expected to contribute meaningful cash flow for FOXO.
• The company is taking steps to regain compliance with NYSE standards.

Negative

• FOXO received a non-compliance notice from NYSE due to overdue listing fees.
• The company missed the initial payment deadline of June 7, 2024.
• FOXO is now subject to the procedures and requirements of Section 1009 of the NYSE Company Guide.

MINNEAPOLIS, June 14, 2024 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (the “Company” or “FOXO”), reports that it has received an official notice of noncompliance (the “NYSE American Notice”) from NYSE Regulation (“NYSE”) stating that the Company is not in compliance with NYSE American continued listing standards (the “Delinquency Notification”) due to an outstanding balance of listing fees over 180 days old and NYSE provided the Company until June 7, 2024 to provide payment before the Company would become subject to the noncompliance procedures (the “Delinquency”). Although the Company failed to pay the fee by the June 7, 2024 deadline, the Company has subsequently made the required payments and believes it is now in a position to regain compliance.

Mark White, Interim CEO of FOXO, said, “We regret the delinquency, which was due to short-term capital allocation strategies, including our recently announced planned acquisitions, which we believe will contribute meaningful cashflow for the combined companies. Importantly, we have since made the payment and look forward to formally presenting this to the NYSE American. While there can be no assurances, we expect to formally regain compliance with the NYSE American continued listing standards in the near future.”

As a result, of receipt of the Delinquency Notification was NYSE Regulation’s official notice of noncompliance with Section 1003(f)(iv) of the Company Guide. The Company is now subject to the procedures and requirements set forth in Section 1009 of the Company Guide.

About FOXO Technologies Inc.

FOXO is a biotechnology company dedicated to improving human health and longevity through the development of cutting-edge technology and product solutions for various industries, including life insurance. FOXO’s epigenetic technology applies AI to DNA methylation to identify molecular biomarkers of human health and aging. FOXO is committed to leveraging the latest advancements in science and technology to help people live better, longer lives. For more information about FOXO, visit www.foxotechnologies.com.

Forward-Looking Statements

This press release contains certain forward-looking statements for purposes of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact contained herein, including statements about the delisting of the Warrants from NYSE American, trading of the Warrants in the over-the-counter market, the continued listing of the Company’s Class A common stock on NYSE American, and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning, but the absence of these words does not mean that a statement is not forward-looking. Any such forward-looking statements are based upon the current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company’s control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the possibility that the Plan will not be accepted by NYSE American, the Company will be unable to satisfy other continued listing requirements of NYSE American for its Class A common stock to maintain the listing of the Class A common stock on NYSE American; the risk of changes in the competitive and highly regulated industries in which FOXO operates; variations in operating performance across competitors or changes in laws and regulations affecting FOXO’s business; the ability to implement FOXO’s business plans, forecasts, and other expectations; the ability to obtain financing; the risk that FOXO has a history of losses and may not achieve or maintain profitability in the future; potential inability of FOXO to establish or maintain relationships required to advance its goals or to achieve its commercialization and development plans; the enforceability of FOXO’s intellectual property, including its patents and the potential infringement on the intellectual property rights of others; and the risk of downturns and a changing regulatory landscape in the highly competitive biotechnology industry or in the markets or industries in which FOXO operates, including the highly regulated insurance industry. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties discussed in FOXO’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports, and in other documents FOXO has filed, or will file, with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FOXO assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
Crescendo Communications, LLC
(212) 671-1020
foxo@crescendo-ir.com

FAQ

What caused FOXO to receive a non-compliance notice from NYSE?

FOXO received a non-compliance notice due to overdue listing fees exceeding 180 days.

When was FOXO supposed to pay the overdue listing fees?

FOXO was supposed to pay the overdue listing fees by June 7, 2024.

Has FOXO paid the overdue listing fees?

Yes, FOXO has made the required payments after missing the initial deadline.

Why did FOXO fail to pay the listing fees on time?

FOXO cited short-term capital allocation strategies, including planned acquisitions, as the reason for the delay.

What are the expected benefits of FOXO's planned acquisitions?

The planned acquisitions are expected to contribute meaningful cash flow for the combined companies.

What section of the NYSE Company Guide is FOXO now subject to?

FOXO is now subject to the procedures and requirements set forth in Section 1009 of the NYSE Company Guide.

What does FOXO plan to do next regarding the NYSE compliance issue?

FOXO plans to formally present their compliance efforts to the NYSE American and expects to regain compliance soon.