FOXO Technologies Inc. Secures Up to $2.8 Million in Senior Notes to Fund Previously Announced Acquisition of Myrtle Recovery Centers, Inc. and Provide Additional Working Capital
18 Juin 2024 - 2:30PM
FOXO Technologies Inc. (NYSE American: FOXO) (the “Company”
or “FOXO”), today announced that it has secured up to $2.8 million
in Senior Notes from an institutional investor (“Investor”) to fund
the previously announced acquisition of Myrtle Recovery Centers,
Inc. as well as provide additional working capital to support the
Company’s growth strategy.
Mark White, Interim CEO of FOXO, said, “We
appreciate the support of this institutional investor, which we
believe is further validation of our business model. Specifically,
we intend to use the proceeds to complete the acquisition of Myrtle
Recovery Centers, Inc., as well as advance our planned acquisition
of Scott County Community Hospital, Inc. (d/b/a Big South Fork
Medical Center). As previously noted, we believe these two
acquisitions will be transformative for the Company, given that
these businesses generated combined unaudited net revenue of
approximately $18.7 million and net income of approximately $5.2
million for the twelve months ended December 31, 2023. We are
making progress towards completing the planned acquisitions, which
we expect will be highly synergistic with our existing epigenetic
and AI-based epigenetic solutions. Overall, we could not be more
excited about the outlook for the business and look forward to
providing further updates.”
Additional details on the Senior Notes are
available in the Company’s Form 8-K, which has been filed with the
Securities and Exchange Commission.
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)
671-1020foxo@crescendo-ir.com
FOXO Technologies (AMEX:FOXO)
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