FOXO TECHNOLOGIES INC. ANNOUNCES RESTRUCTURING AND CAPITAL RAISING TRANSACTIONS AND APPOINTS SEAMUS LAGAN AS CHIEF EXECUTIVE OFFICER
FOXO Technologies (NYSE American: FOXO) has announced major restructuring and capital raising transactions aimed at improving its balance sheet and meeting NYSE American listing requirements. Key transactions include Rennova Health's exchange of approximately $21 million of Senior Secured Notes for 21,000 shares of Series A Preferred Stock, an institutional investor's $1.0 million funding and exchange of $2.2 million of Senior Notes for 2,464 Series A Preferred shares, and settlement of KR8 liabilities for 3,000 Series D Preferred shares.
The company has appointed Seamus Lagan as CEO, who brings over 30 years of experience in startups and distressed companies. These transactions have collectively reduced liabilities and increased stockholders' equity by $26.4 million, potentially eliminating the risk of NYSE American delisting.
FOXO Technologies (NYSE American: FOXO) ha annunciato importanti operazioni di ristrutturazione e raccolta di capitali mirate a migliorare il proprio bilancio e soddisfare i requisiti di quotazione della NYSE American. Le operazioni chiave includono lo scambio da parte di Rennova Health di circa 21 milioni di dollari di Note Senior Secured per 21.000 azioni di Serie A Preferite, il finanziamento di 1,0 milione di dollari da parte di un investitore istituzionale e lo scambio di 2,2 milioni di dollari di Note Senior per 2.464 azioni di Serie A Preferite, oltre alla liquidazione delle passività KR8 per 3.000 azioni di Serie D Preferite.
L'azienda ha nominato Seamus Lagan come CEO, il quale porta con sé oltre 30 anni di esperienza in startup e aziende in difficoltà. Queste operazioni hanno complessivamente ridotto le passività e aumentato il patrimonio netto degli azionisti di 26,4 milioni di dollari, potenzialmente eliminando il rischio di dequotazione dalla NYSE American.
FOXO Technologies (NYSE American: FOXO) ha anunciado importantes transacciones de reestructuración y recaudación de capital destinadas a mejorar su balance y cumplir con los requisitos de listado de NYSE American. Las transacciones clave incluyen el intercambio por parte de Rennova Health de aproximadamente 21 millones de dólares en Notas Senior Aseguradas por 21,000 acciones de Acciones Preferentes de Serie A, el financiamiento de 1.0 millón de dólares de un inversor institucional y el intercambio de 2.2 millones de dólares en Notas Senior por 2,464 acciones Preferentes de Serie A, así como la liquidación de las deudas de KR8 por 3,000 acciones Preferentes de Serie D.
La compañía ha nombrado a Seamus Lagan como CEO, quien aporta más de 30 años de experiencia en startups y empresas en dificultades. Estas transacciones han reducido colectivamente las deudas y aumentado el patrimonio de los accionistas en 26.4 millones de dólares, eliminando potencialmente el riesgo de deslistado de NYSE American.
FOXO Technologies (NYSE American: FOXO)는 재무 구조 개선과 NYSE American 상장 요건 충족을 목표로 하는 주요 구조 조정 및 자본 조달 거래를 발표했습니다. 주요 거래로는 Rennova Health가 약 2100만 달러의 선순위 담보 채권을 21,000주의 A시리즈 우선주로 교환하는 것, 기관 투자자가 100만 달러를 투자하고 220만 달러의 선순위 채권을 2,464주의 A시리즈 우선주로 교환하는 것, 그리고 KR8 부채 상환을 위해 3,000주의 D시리즈 우선주를 지급하는 것이 포함됩니다.
회사는 Seamus Lagan을 CEO로 임명했습니다. 그는 스타트업 및 어려움에 처한 기업에서 30년 이상의 경험을 가지고 있습니다. 이러한 거래는 collectively 부채를 줄이고 주주 지분을 2,640만 달러 증가시켰으며, NYSE American에서의 상장 폐지 위험을 잠재적으로 없앴습니다.
FOXO Technologies (NYSE American: FOXO) a annoncé d'importantes transactions de restructuration et de levée de fonds visant à améliorer son bilan et à respecter les exigences de cotation de la NYSE American. Les transactions clés comprennent l'échange par Rennova Health d'environ 21 millions de dollars de notes sécurisées senior contre 21 000 actions de série A privilégiée, un financement de 1,0 million de dollars d'un investisseur institutionnel et l'échange de 2,2 millions de dollars de notes senior contre 2 464 actions privilégiées de série A, ainsi que le règlement des passifs KR8 par 3 000 actions privilégiées de série D.
L'entreprise a nommé Seamus Lagan comme PDG, qui apporte plus de 30 ans d'expérience dans les startups et les entreprises en difficulté. Ces transactions ont collectivement réduit les passifs et augmenté les capitaux propres des actionnaires de 26,4 millions de dollars, éliminant potentiellement le risque d'un retrait de la NYSE American.
FOXO Technologies (NYSE American: FOXO) hat bedeutende Umstrukturierungs- und Kapitalerhöhungsmaßnahmen angekündigt, die darauf abzielen, die Bilanz zu verbessern und die Anforderungen für die Notierung an der NYSE American zu erfüllen. Zu den wichtigsten Transaktionen gehören der Austausch von etwa 21 Millionen Dollar an Senior Secured Notes durch Rennova Health gegen 21.000 Aktien der Serie A Vorzugsaktien, die Finanzierung von 1,0 Million Dollar durch einen institutionellen Investor sowie der Austausch von 2,2 Millionen Dollar in Senior Notes für 2.464 Vorzugsaktien der Serie A und die Begleichung von KR8-Verbindlichkeiten durch 3.000 Vorzugsaktien der Serie D.
Das Unternehmen hat Seamus Lagan zum CEO ernannt, der über mehr als 30 Jahre Erfahrung in Startups und in Schwierigkeiten befindlichen Unternehmen verfügt. Diese Transaktionen haben die Verbindlichkeiten insgesamt verringert und das Eigenkapital der Aktionäre um 26,4 Millionen Dollar erhöht, wodurch das Risiko einer Delistung von der NYSE American potenziell beseitigt wurde.
- Reduced company liabilities and increased stockholders' equity by $26.4 million
- Secured additional $1.0 million in funding from institutional investor
- Improved balance sheet structure through debt-to-equity conversion
- Potentially resolved NYSE American listing compliance issues
- Previous risk of NYSE American delisting indicates financial challenges
- Significant dilution through conversion of debt to preferred stock
- Substantial restructuring needed indicates previous financial difficulties
MINNEAPOLIS, MN, Dec. 11, 2024 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (the “Company” or “FOXO”) announces a series of restructuring and capital raising transactions which will improve the Company’s balance sheet, satisfy minimum stockholders’ equity requirements of the NYSE American and provide capital for growth and reduce outstanding liabilities. The Company also announces a change in senior leadership.
Key transactions include:
- Rennova Health, Inc.’s exchange of approximately
$21 million of a Senior Secured Note issued by Rennova Community Health, Inc., the Company’s subsidiary, into 21,000 shares of the Company’s Series A Cumulative Convertible Redeemable Preferred Stock - An institutional investor’s additional funding of
$1.0 million and exchange of$2.2 million of Senior Notes (which includes the$1.0 million of additional funding) into 2,464 shares of the Company’s Series A Preferred Stock - Settlement of certain liabilities owed to KR8, Inc. and the termination of a current license agreement for 3,000 shares of the Company’s newly designated Series D Cumulative Convertible Redeemable Preferred Stock
In addition, the Company is pleased to announce that Seamus Lagan has been appointed Chief Executive Officer of the Company effectively immediately. Mr. Lagan joined the Board of Directors of the Company on September 10, 2024.
Seamus Lagan, age 55, has served as a director of the Company since September 10, 2024 and was appointed Chief Executive Officer and President and a director of Rennova Health, Inc., the seller of the Company’s recent acquisitions, in 2015, and is the Chief Executive Officer of the Company’s subsidiary, Rennova Community Health, Inc. He has been an entrepreneur and investor in startup and distressed companies for over 30 years and has held numerous board and executive positions in publicly-listed companies. He has secured in excess of
“I am excited to work closely with and build our operating teams to drive improved performance and shareholder value. When viewed on a combined basis, the Company has recently reduced liabilities and increased stockholders’ equity by
The Company filed a Current Report on Form 8-K with the Securities and Exchange Commission on December 10, 2024, which provides additional details on the above transactions and related Company actions and activities.
About FOXO Technologies Inc. (“FOXO”)
FOXO owns and operates three subsidiaries.
Foxo Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.
Myrtle Recovery Centers, Inc., a 30-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services.
Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical), a critical access designated (CAH) hospital in East Tennessee.
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
How much did FOXO Technologies improve its stockholders' equity in December 2024?
What is the value of Rennova Health's note exchange with FOXO in December 2024?
How much new funding did FOXO secure from institutional investors in December 2024?
What experience does FOXO's new CEO Seamus Lagan bring to the company?
How did FOXO address its NYSE American listing compliance issues?
