FOXO Technologies Restructures and Names Seamus Lagan CEO
Deal News | Dec 11, 2024 | EIN
FOXO Technologies Inc. has announced a set of strategic restructuring and capital raising transactions designed to boost its financial stability and meet NYSE American's requirements. These measures include converting debt into preferred stock and settling existing liabilities. In a significant leadership shift, Seamus Lagan is appointed as the new CEO. The company has also enhanced its shareholder equity by $26.4 million. The financial maneuvers involve significant transactions with Rennova Health, Inc., and institutional investors, focused on strengthening its balance sheet and fostering future growth. This restructuring aims to eliminate delisting risks from NYSE American and prepare for expansion in 2025. FOXO, which operates subsidiaries in biotechnology and healthcare, is focusing on enhanced operational performance and shareholder value.
Sectors
- Biotechnology
- Healthcare
Geography
- United States – FOXO Technologies is listed on the NYSE American and operates multiple subsidiaries within the United States, including health facilities in East Tennessee.
Industry
- Biotechnology – FOXO Technologies operates in the biotechnology sector, particularly focusing on developing technologies to improve human health and lifespan. Their operations indicate involvement in this industry.
- Healthcare – FOXO operates Myrtle Recovery Centers and Scott County Community Hospital, both in the healthcare sector, indicating significant involvement in healthcare services.
Financials
- Approximately $21 million – This amount represents the senior secured note exchanged by Rennova Health, Inc. for Series A Preferred Stock in FOXO.
- $1.0 million – Additional funding from institutional investors exchanged into Series A Preferred Stock.
- $2.2 million – Amount involving exchange of senior notes, including $1.0 million additional funding, into Series A Preferred Stock.
- $26.4 million – The amount by which FOXO Technologies reduced liabilities and increased stockholder equity.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| FOXO Technologies Inc. | Target Company | Company | A company engaged in biotechnology and healthcare services, seeking financial restructuring and capital raising to stabilize and prepare for growth. |
| Seamus Lagan | Chief Executive Officer | Person | Recently appointed CEO of FOXO Technologies Inc., experienced in leading startup and distressed companies, and has a history in mergers and acquisitions. |
| Rennova Health, Inc. | Selling Company | Company | Exchanged a significant amount of senior notes in FOXO's restructuring process and involved in the healthcare sector. |
| NYSE American | Stock Exchange | Company | The exchange where FOXO Technologies Inc. is listed and where it aims to comply with equity requirements to avoid delisting. |
| SEC | Regulatory Authority | Government | The United States Securities and Exchange Commission, where FOXO filed additional details of their restructuring transactions. |