Foxo Technologies, Inc., Regains Compliance with SEC Reporting Requirements
01 Juli 2024 - 2:30PM
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 $2.5M of additional capital.
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 $3-4M with
plans to grow revenues and duplicate the model in different
locations. Further information can be found at
www.myrtlerecoverycenters.com.
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 $18.7 million and
net income of approximately $5.2 million for the twelve
months ended December 31, 2023.
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 StatementsThis
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
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