Foxo Technologies, Inc., Regains Compliance with SEC Reporting Requirements
FOXO Technologies has regained compliance with SEC reporting requirements after filing its Form 10-Q for the quarter ending March 31, 2024. Interim CEO Mark White expressed confidence in timely future filings and addressing NYSE American deficiencies. FOXO is closing a transaction with Rennova Health to acquire rural hospital operations in Tennessee and has completed the Myrtle Recovery Centers transaction, securing $2.5M in additional capital. Myrtle Recovery Centers, operational since August 2023, is expected to generate $3-4M annually. The Scott County hospital acquisition awaits shareholder approval and is expected to close in Q3 2024. Combined, Myrtle Recovery Centers and Scott County Community Hospital generated unaudited net revenue of $18.7M and net income of $5.2M for the year ending December 31, 2023.
- Regained compliance with SEC reporting requirements.
- Completed Myrtle Recovery Centers transaction, securing $2.5M additional capital.
- Expected annual revenue from Myrtle Recovery Centers: $3-4M.
- Scott County Community Hospital acquisition expected to close in Q3 2024.
- Combined net revenue of Myrtle Recovery Centers and Scott County Community Hospital: $18.7M.
- Combined net income from Myrtle Recovery Centers and Scott County Community Hospital: $5.2M.
- None.
MINNEAPOLIS, July 01, 2024 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (the “Company”), today announced it has filed its Form 10-Q for the quarter ended March, 31, 2024 and in doing so has regained compliance with SEC reporting requirements.
“We are delighted to have regained compliance with SEC filing requirements to be deemed fully reporting with the SEC,” said Mark White, Interim CEO of FOXO Technologies. “We are confident we will file future financial statements and other reports timely and remain fully reporting with the SEC. We are also confident that we will be successful in addressing any outstanding deficiencies with NYSE American within the required timeframes. Furthermore, we are working to close the recently announced transaction with Rennova Health, Inc. (OTC RNVA) to acquire its rural hospital operations in Tennessee. We expect these various accomplishments to create opportunity for our Company and its shareholders.”
The Company closed the previously announces Myrtle transaction on June 14, 2024 and simultaneously secured a commitment for up to
Myrtle Recovery Centers, Inc. is a 30 bed behavioral health facility in East Tennessee. It provides inpatient services for Detox and Residential Treatment and outpatient services for MAT and OBOT Programs. The facility was opened in August 2023 and has secured an in-network contract with one of the major health insurance companies in Tennessee and is in the final stages of securing various other in-network contracts to facilitate payment for services. The Company anticipates this transaction will provide profitable annual revenues of approximately
Closing of the previously announced Scott Country transaction to acquire a rural hospital remains subject to a shareholder vote and other conditions and is expected to close in the third quarter of 2024.
Scott County Community Hospital, Inc. (DBA Big South Fork Medical) is a critical access designated (CAH) hospital in East Tennessee. Further information can be found at www.bsfmedical.com.
Scott County Community Hospital, Inc. and Myrtle Recovery Centers, Inc., generated unaudited net revenue of approximately
About FOXO Technologies Inc. (“FOXO”)
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 recent compliance achievement did FOXO Technologies announce?
What is the expected revenue from Myrtle Recovery Centers acquired by FOXO Technologies?
When is the Scott County Community Hospital acquisition expected to close?
How much additional capital did FOXO Technologies secure with the Myrtle Recovery Centers transaction?
What were the combined net revenues for Myrtle Recovery Centers and Scott County Community Hospital?
What were the combined net income figures for Myrtle Recovery Centers and Scott County Community Hospital?
