FOXO Technologies Down Slightly on Issuing Preferred Stock
FOXO Technologies Inc. (NYSE: FOXO) shares were flat Wednesday, on announcing it has executed an agreement to issue 1,650 of its Series A Cumulative Convertible Redeemable Preferred Stock for net proceeds of $1,500,000.
On June 3, FOXO entered into a Securities Purchase Agreement with certain existing institutional investors of the Company. The Securities Purchase Agreement provides for the issuance of up to 1,650 shares of Series A Preferred Stock at three closings of 550 shares each. If all such shares of Series A Preferred Stock are issued, the Company will receive gross proceeds of $1,650,000 and has agreed to pay certain investor costs of $150,000. The first closing will occur on June 4.
The second closing is expected to occur within two business days of the effective date of a registration statement filed by the Company and the third closing is expected to occur within 10 days of the effective date of the registration statement.
CEO Seamus Lagan said, “We are pleased to secure this equity investment into FOXO at this time. We hope to close one of our recently announced acquisition targets in the coming weeks and continue our efforts to increase our revenues and improve our balance sheet.
“We are delighted with our continued progress and efforts to transform FOXO into a successful revenue-generating Company and were pleased to report in excess of $3M in net revenues and an approximate $4.4M improvement in stockholders’ equity for the first quarter of 2025.”
FOXO shares sank 1.8 cents, or 4.5%, to 39 cents.
