FOXO TECHNOLOGIES INC. ANNOUNCES REVERSE STOCK SPLIT
FOXO Technologies (NYSE American: FOXO) has announced a 1-for-10 reverse stock split of its Class A common stock, effective April 28, 2025, at 4:01pm ET. The stock will begin trading on a split-adjusted basis on April 29, 2025, under the same symbol 'FOXO' but with a new CUSIP number.
The reverse split was approved by stockholders at the Annual Meeting on November 29, 2024, with an authorized ratio range of 1:5 to 1:100. The action aims to ensure compliance with NYSE American's continued listing requirement of maintaining a stock price above $0.10.
For every ten shares held, stockholders will receive one share, with fractional shares rounded up to the next whole number. The split will proportionally affect all outstanding stock options, warrants, and equity incentive plans. Continental Stock Transfer & Trust Company will serve as the exchange agent, managing the conversion process for physical certificates and fractional share adjustments.
FOXO Technologies (NYSE American: FOXO) ha annunciato un raggruppamento azionario inverso 1 per 10 delle sue azioni ordinarie di Classe A, con effetto dal 28 aprile 2025 alle 16:01 ET. Le azioni inizieranno a essere negoziate sulla base del raggruppamento a partire dal 29 aprile 2025, mantenendo lo stesso simbolo 'FOXO' ma con un nuovo numero CUSIP.
Il raggruppamento è stato approvato dagli azionisti durante l’Assemblea Annuale del 29 novembre 2024, con un intervallo autorizzato che va da 1:5 a 1:100. Questa misura mira a garantire il rispetto del requisito di quotazione continua di NYSE American, che prevede un prezzo minimo delle azioni superiore a 0,10 dollari.
Per ogni dieci azioni possedute, gli azionisti riceveranno una nuova azione, con le frazioni arrotondate per eccesso al numero intero successivo. Il raggruppamento influenzerà proporzionalmente tutte le opzioni azionarie, i warrant e i piani di incentivazione azionaria in essere. La Continental Stock Transfer & Trust Company agirà come agente di scambio, gestendo il processo di conversione per i certificati fisici e gli aggiustamenti delle frazioni di azioni.
FOXO Technologies (NYSE American: FOXO) ha anunciado una consolidación inversa de acciones 1 por 10 de sus acciones ordinarias Clase A, efectiva a partir del 28 de abril de 2025 a las 4:01 p.m. ET. Las acciones comenzarán a negociarse con base en esta consolidación el 29 de abril de 2025, bajo el mismo símbolo 'FOXO' pero con un nuevo número CUSIP.
La consolidación fue aprobada por los accionistas en la Reunión Anual del 29 de noviembre de 2024, con un rango autorizado de proporción entre 1:5 y 1:100. Esta acción tiene como objetivo asegurar el cumplimiento del requisito de cotización continua de NYSE American, que exige mantener un precio de acción superior a $0.10.
Por cada diez acciones que posean, los accionistas recibirán una acción, redondeando las fracciones hacia arriba al número entero siguiente. La consolidación afectará proporcionalmente todas las opciones sobre acciones, warrants y planes de incentivos de capital en circulación. Continental Stock Transfer & Trust Company actuará como agente de intercambio, gestionando el proceso de conversión para los certificados físicos y los ajustes de acciones fraccionarias.
FOXO Technologies (NYSE American: FOXO)는 2025년 4월 28일 오후 4시 1분(동부시간)부터 1대 10 역병합을 실시한다고 발표했습니다. 보통주 클래스 A 주식에 적용되며, 2025년 4월 29일부터 동일한 심볼 'FOXO'로 병합 조정된 주식이 거래되지만 새로운 CUSIP 번호가 부여됩니다.
이번 역병합은 2024년 11월 29일 연례 주주총회에서 승인되었으며, 병합 비율은 1:5에서 1:100 사이에서 허용됩니다. 이 조치는 NYSE American의 상장 유지 요건인 주가 0.10달러 이상 유지 조건을 충족하기 위한 것입니다.
주주들은 보유한 10주당 1주를 받게 되며, 소수 주식은 다음 정수로 올림 처리됩니다. 이번 병합은 모든 미결제 주식매수선택권, 워런트 및 주식 인센티브 계획에 비례하여 적용됩니다. Continental Stock Transfer & Trust Company가 교환 대리인으로서 물리적 증서 변환과 소수 주식 조정을 관리할 예정입니다.
FOXO Technologies (NYSE American : FOXO) a annoncé une fusion inversée d’actions au ratio de 1 pour 10 de ses actions ordinaires de classe A, effective à partir du 28 avril 2025 à 16h01 ET. Les actions commenceront à être négociées sur une base ajustée à partir du 29 avril 2025, sous le même symbole 'FOXO' mais avec un nouveau numéro CUSIP.
Cette fusion inversée a été approuvée par les actionnaires lors de l’Assemblée générale annuelle du 29 novembre 2024, avec une fourchette autorisée de ratio allant de 1:5 à 1:100. Cette mesure vise à garantir le respect de l’exigence de cotation continue du NYSE American, qui impose de maintenir un cours de l’action supérieur à 0,10 $.
Pour chaque dix actions détenues, les actionnaires recevront une action, les fractions d’actions étant arrondies à l’unité supérieure. La fusion affectera proportionnellement toutes les options d’achat d’actions, bons de souscription et plans d’incitation en actions en circulation. La Continental Stock Transfer & Trust Company agira en tant qu’agent d’échange, gérant le processus de conversion des certificats physiques et les ajustements des fractions d’actions.
FOXO Technologies (NYSE American: FOXO) hat eine 1-zu-10 Reverse-Aktienzusammenlegung seiner Stammaktien der Klasse A angekündigt, die am 28. April 2025 um 16:01 Uhr ET in Kraft tritt. Die Aktien werden ab dem 29. April 2025 auf zusammengelegter Basis unter dem gleichen Symbol 'FOXO', jedoch mit einer neuen CUSIP-Nummer, gehandelt.
Die Reverse-Split wurde von den Aktionären auf der Hauptversammlung am 29. November 2024 genehmigt, mit einem autorisierten Verhältnisbereich von 1:5 bis 1:100. Diese Maßnahme soll die Einhaltung der fortlaufenden Notierungsanforderung der NYSE American sicherstellen, wonach der Aktienkurs über 0,10 USD liegen muss.
Für jeweils zehn gehaltene Aktien erhalten Aktionäre eine Aktie, wobei Bruchstücke auf die nächste ganze Zahl aufgerundet werden. Die Zusammenlegung wirkt sich proportional auf alle ausstehenden Aktienoptionen, Warrants und Aktienanreizpläne aus. Die Continental Stock Transfer & Trust Company fungiert als Umtauschstelle und verwaltet den Umwandlungsprozess für physische Zertifikate und Anpassungen von Bruchteilen.
- Compliance measure to maintain NYSE American listing status
- Stockholder-approved corporate action with clear implementation timeline
- Stock trading below NYSE American's minimum price requirement of $0.10, risking potential delisting
- Need for reverse split indicates significant stock price deterioration
Insights
FOXO's 1-for-10 reverse split aims to maintain NYSE listing requirements but signals serious financial distress with no underlying business improvements.
FOXO Technologies' announcement of a 1-for-10 reverse stock split is primarily a compliance maneuver to meet NYSE American's minimum price requirement of
The concerning aspect is FOXO's micro-cap status with a market capitalization of just
Investors should understand several critical implications:
- While mathematically neutral to ownership percentages (except for fractional shares), reverse splits typically carry negative market perception
- The extremely small market cap suggests significant viability concerns
- Shareholder approval for splits up to 1-for-100 indicates management anticipated potential further price deterioration
- Post-split, the stock remains in penny stock territory (below
$1 ) - The company explicitly states this action won't impact business operations, acknowledging it's merely a technical adjustment
Historical patterns show companies implementing reverse splits due to listing compliance issues often continue to struggle, with many eventually facing delisting despite these measures. The lack of any discussion about business improvement strategies alongside this announcement is particularly concerning.
FLORIDA, April 17, 2025 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (“FOXO” or the “Company”), today announced that its Board of Directors has approved a 1 for 10 reverse stock split of the Company’s Class A common stock, par value
The reverse stock split was approved by the Company’s stockholders at the Company’s Annual Meeting, held on November 29, 2024, at a ratio ranging from 1 for 5 to 1 for 100. As a result of the reverse stock split, every ten shares of Common Stock issued and outstanding on the Effective Time will be automatically combined into one share of Common Stock, with no change in the
The reverse stock split is being effected to ensure compliance with NYSE American continued listing requirements to have a stock price trading above
If applicable, all outstanding stock options, warrants, and equity incentive plans will be proportionately affected. The exercise prices and the number of shares issuable upon exercise, of the outstanding stock options and warrants, and the number of shares available for future issuance under the equity incentive plans, will be adjusted in accordance with their respective terms. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of the Company’s shares with the exception of those holders of fractional shares.
Continental Stock Transfer & Trust Company (“CST”), the Company’s transfer agent, will act as the exchange agent for the reverse stock split. CST will provide instructions to stockholders with physical certificates regarding the process for exchanging their certificates for split-adjusted shares into “book-entry form” and receiving adjustment for fractional shares, if any. Those stockholders with Common Stock in “street name” will receive instructions from their brokers.
About FOXO Technologies Inc. (“FOXO”)
FOXO owns and operates three subsidiaries.
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.
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 for MAT and OBOT Programs.
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.
For more information about FOXO, visit www.foxotechnologies.com.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the FOXO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to 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. 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:
Sebastien Sainsbury
ssainsbury@foxotechnologies.com
(561) 485-0151
FAQ
What is the ratio of FOXO's reverse stock split announced for April 2025?
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