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Company Overview
FOXO Technologies Inc is a technology platform company that integrates advanced epigenetic research, AI, and machine learning to transform longevity science for the life insurance industry. With a foundation rooted in innovative underwriting protocols and consumer engagement platforms, FOXO applies sophisticated DNA methylation analysis to identify molecular biomarkers of human health and aging. This approach not only modernizes the assessment of risk in the insurance sector but also expands the evaluation of overall wellness, positioning FOXO as a critical player in bridging technology with the scientific understanding of aging.
Business Segments
FOXO Technologies operates through two distinct but complementary business segments:
- FOXO Labs: Focused on research and development, this segment leverages state-of-the-art machine learning algorithms and artificial intelligence to analyze epigenetic data, advancing our understanding of biological aging and current health status. The insights produced help drive improvements in underwriting protocols and risk assessment models within the life insurance industry.
- FOXO Life: This segment translates scientific breakthroughs into practical applications, commercializing longevity science through enhanced life insurance products and services. By embedding epigenetic insights into consumer engagement platforms, FOXO Life enables tailored solutions that meet the evolving needs of policyholders and insurers alike.
Epigenetic Technology and Artificial Intelligence
The core of FOXO Technologies' operations is its integration of epigenetic technology with advanced AI methodologies. By analyzing changes in DNA methylation, FOXO identifies key biomarkers that reveal the current state of human health and aging. This process not only supports more accurate risk assessments for insurance underwriting but also offers an innovative perspective on the science of longevity. The application of machine learning enhances the precision of these models, ensuring that insights remain robust and relevant in dynamic market conditions.
Market Position and Competitive Landscape
Positioned at the intersection of technology and life sciences, FOXO Technologies stands out for its specialized focus on longevity science for the insurance market. Its detailed analysis of epigenetic data provides a significant edge in insurance underwriting, offering personalized insights that differentiate it from traditional assessment methods. The company maintains a competitive stance by continuously integrating technological advancements with rigorous scientific research, ensuring that its methodologies adhere to industry best practices and the highest standards of accuracy and reliability.
Strategic Initiatives and Acquisitions
FOXO’s strategic approach includes key acquisitions designed to complement its epigenetic technology and broaden its reach into connected health sectors such as community health and addiction recovery. These initiatives not only increase the diversity of its service offerings but are also structured to generate substantial cash flow, reinforcing the company’s overall financial robustness. The integration of these new business areas demonstrates FOXO's commitment to leveraging synergies that extend its technological capabilities beyond traditional life insurance, while reinforcing its role as a transformative force in the longevity science arena.
Operational Excellence and Value Proposition
FOXO Technologies emphasizes operational excellence by meticulously validating its AI-driven epigenetic models through extensive research and iterative testing. This diligence underpins a value proposition that is both scientifically rigorous and commercially viable. By harnessing detailed molecular insights and cutting-edge technological frameworks, FOXO provides a pathway for the accurate assessment of risk, which is invaluable for both insurers and the broader healthcare ecosystem.
Conclusion
In summary, FOXO Technologies Inc offers a comprehensive platform that combines robust epigenetic research with innovative AI methodologies to redefine the metrics of health and aging in the life insurance industry. Its dual-segment approach, centered around FOXO Labs and FOXO Life, not only refines insurance underwriting but also introduces transformative insights into longevity science. With a strategic focus on technological innovation and operational diligence, FOXO stands as a vital contributor to the evolving landscape of both life insurance and health technology.
FOXO Technologies Inc. (NYSE American: FOXO) has announced details for its Special Meeting of Shareholders scheduled for November 29, 2024, at 10:30 am EST. The virtual meeting follows the filing of its Definitive Proxy Statement with the SEC on November 15, 2024. Shareholders of record as of November 15, 2024, can vote either online at www.cstproxyvote.com or by attending the virtual meeting at https://www.cstproxy.com/foxotechnologies/2024. The Board of Directors requests shareholders to vote in favor of six Proposals listed on the Proxy Card. Interim CEO Mark White noted that both this Special Meeting and an Annual General Meeting need to be completed before year-end.
FOXO Technologies (NYSE American: FOXO) has announced details for its Special Meeting of Shareholders scheduled for November 29, 2024, at 10:30 am EST. The virtual meeting follows the filing of a Definitive Proxy Statement with the SEC on November 15, 2024. Shareholders of record as of November 15, 2024, can vote either online at www.cstproxyvote.com or by attending the virtual meeting at cstproxy.com/foxotechnologies/2024. The Board of Directors requests shareholders to vote in favor of six Proposals listed on the Proxy Card. Interim CEO Mark White noted that both this Special Meeting and an Annual General Meeting need to be completed before year-end.
FOXO Technologies Inc. (NYSE American: FOXO) has announced a Special Meeting of Shareholders scheduled for November 29, 2024. The meeting will address important proposals including: a potential reverse stock split ranging from 1:5 to 1:100 to maintain NYSE American listing requirements, approval for debt-to-equity conversion of approximately $1.945M, authorization for a $5M equity line of credit with ClearThink Capital Partners, and approval for issuance of shares related to a $2.5M debt funding agreement with an institutional investor. The meeting will be held virtually at 10:30 AM EST, with November 15, 2024, set as the record date for shareholder voting eligibility.
FOXO Technologies Inc. (NYSE American: FOXO) has provided a shareholder update on its 2024 accomplishments and future plans. The company has completed two acquisitions expected to deliver over $20 million in revenues in 2025, with plans to reach $50 million annually within 12-24 months. FOXO has expanded its financial management capabilities and is addressing NYSE listing deficiencies.
The company's focus remains on commercializing its epigenetic technology, having generated data for over 13,000 individuals and secured a patent for AI-driven health insights. FOXO plans to launch a direct-to-consumer prognostic for improving well-being and lifespan.
Recent acquisitions include Myrtle Recovery Centers, Inc., a behavioral health facility, and Scott County Community Hospital, Inc., a critical access hospital. The company is seeking new capital to expand these businesses and launch its epigenetic technology.
FOXO Technologies Inc. (NYSE American: FOXO) has completed the acquisition of two revenue-generating operations from Rennova Health, Inc. (OTC: RNVA). The acquisitions include Myrtle Recovery Centers, Inc., a behavioral health services subsidiary, and Rennova Community Health, Inc. (RCHI), owner of Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical Center).
Key points:
- Expected to generate over $20M in annual revenue, with potential to reach $50M in 24 months
- RCHI acquisition involved $22M of intercompany Rennova debt and $100
- Myrtle Recovery Centers is a 30-bed behavioral health facility in East Tennessee
- Scott County Community Hospital is a critical access hospital with 2023 revenues of $18.5M and EBITDA over $6M
These acquisitions align with FOXO's strategy to improve healthcare and well-being while significantly boosting revenue.
FOXO Technologies (NYSE American: FOXO) announced that its subsidiary, Myrtle Recovery Centers, received two full licenses from the Tennessee Department of Mental Health and Substance Abuse Services, effective August 1, 2024. These licenses authorize alcohol and drug residential treatment and non-residential opiate treatment. Acquired from Rennova Health on June 14, 2024, Myrtle Recovery Centers is a 30-bed facility offering both inpatient and outpatient services. Opened in August 2023, it has secured contracts with major health insurance companies in Tennessee.
FOXO projects annual revenues of $3-4M from this facility and plans to expand the model to other locations. CEO Mark White expressed optimism about the business's growth and mentioned an upcoming acquisition of Big South Fork Medical, pending shareholder approval and expected to close in Q3 2024. Scott County Community Hospital and Myrtle Recovery Centers reported a combined net revenue of $18.7 million and a net income of $5.2 million for the year ending December 31, 2023.
FOXO Technologies Inc. (NYSE American: FOXO) has received a notice of non-compliance from NYSE Regulation due to reporting stockholders' deficit of ($14.9) million as of March 31, 2024, and losses from continuing operations and/or net losses in its three most recent fiscal years ended December 31, 2023. The company is now subject to procedures outlined in Section 1009 of the Company Guide and remains under conditions from previous notifications for stockholders' equity noncompliance and past due listing fee noncompliance.
Interim CEO Mark White attributed the delinquency to short-term capital allocation strategies and expressed the company's intention to present a compliance plan, highlighting recent planned acquisitions expected to generate meaningful cashflow. FOXO aims to regain compliance with NYSE American continued listing standards in the near future, though there are no guarantees. If compliance is not achieved by the respective deadlines, NYSE may initiate delisting proceedings.
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.
FOXO Technologies has secured up to $2.8 million in Senior Notes from an institutional investor to fund the acquisition of Myrtle Recovery Centers and provide additional working capital. The acquisition, along with the planned purchase of Scott County Community Hospital, is expected to be transformative for the company, which reported combined unaudited net revenue of approximately $18.7 million and net income of $5.2 million for 2023. Interim CEO Mark White expressed optimism about the strategic fit of these acquisitions with FOXO's epigenetic and AI-based solutions. Further details are available in the Company's Form 8-K filed with the SEC.
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.
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