FOXO Technologies Inc. announces a new preferred stock series to support acquisition strategies and funding opportunities.
Quiver AI Summary
FOXO Technologies Inc. has announced the designation of a new series of preferred stock, known as Series E Cumulative Redeemable Secured Preferred Stock, registered with the Delaware Secretary of State. This series features a stated value of $25 per share, offering a semi-annual cash dividend of 2.5% and a common stock dividend of 5%. The stock will also have a security interest in the newly formed FOXO Acquisition Corporation. CEO Seamus Lagan expressed enthusiasm for this development as it supports the company's acquisition strategy, allowing FOXO to use the Series E Preferred Stock for both acquisitions and raising capital while minimizing dilution for common stockholders. FOXO intends to publicly list the preferred stock at a future date. The release includes a disclaimer regarding forward-looking statements and emphasizes that it does not constitute an offer to sell or buy securities.
Potential Positives
- FOXO Technologies has designated a new series of preferred stock, which provides a significant funding mechanism to support its acquisition strategy.
- The Series E Preferred Stock offers both cash and common stock dividends, enhancing its attractiveness to potential investors.
- The issuance of this preferred stock is expected to be non-dilutive to common stockholders, aiming to preserve shareholder value while pursuing growth opportunities.
- The company plans to have the Series E Preferred Stock publicly listed, which could increase its visibility and trading activity in the market.
Potential Negatives
- The announcement of a new series of preferred stock may indicate a need for capital raising, which could suggest financial instability or a lack of resources to fund operations or acquisitions through traditional means.
- The company acknowledges its history of losses and the uncertain path to profitability, which could deter potential investors or partners.
- The creation of preferred stock as an acquisition currency raises concerns about the potential dilution of common stockholder value if utilized improperly.
FAQ
What is Series E Preferred Stock from FOXO Technologies?
Series E Preferred Stock is a new series of preferred stock designated by FOXO, with a stated value of $25.00 per share.
What dividends are associated with Series E Preferred Stock?
The Series E Preferred Stock includes a 2.5% cash dividend and a 5.0% common stock dividend, both paid semi-annually.
How will FOXO use the Series E Preferred Stock?
FOXO intends to use the Series E Preferred Stock for acquisitions and as a capital-raising mechanism without diluting common shareholders.
When will Series E Preferred Stock be publicly listed?
FOXO plans to publicly list the Series E Preferred Stock with its own trading symbol at the appropriate time.
What are FOXO Technologies' main business areas?
FOXO operates in healthcare through its subsidiaries, focusing on community health, behavioral health, and biotechnology solutions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FOXO Hedge Fund Activity
We have seen 3 institutional investors add shares of $FOXO stock to their portfolio, and 17 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- JANE STREET GROUP, LLC removed 117,047 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $14,396
- SABBY MANAGEMENT, LLC removed 80,561 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $9,909
- SBI SECURITIES CO., LTD. removed 34,226 shares (-87.0%) from their portfolio in Q1 2025, for an estimated $4,209
- GEODE CAPITAL MANAGEMENT, LLC removed 28,057 shares (-66.1%) from their portfolio in Q1 2025, for an estimated $3,451
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 27,226 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $3,348
- XTX TOPCO LTD removed 25,644 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $3,154
- EWA, LLC added 25,264 shares (+inf%) to their portfolio in Q1 2025, for an estimated $3,107
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
WEST PALM BEACH, FLORIDA, June 27, 2025 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (“FOXO” or the “ Company ”) today announced that it has designated a new series of its preferred stock (Series E Cumulative Redeemable Secured Preferred Stock e (the “Series E Preferred Stock”)) and filed the series’ certificate of designation with the Secretary of State of Delaware. The newly designated series of preferred stock includes: (i) a stated value of $25.00 per share, (ii) a 2.5% per annum cash dividend paid semi-annually, (iii) a 5.0% per annum common stock dividend paid semi-annually, and (iv) a security interest in the stock of the Company’s recently formed acquisition vehicle, FOXO Acquisition Corporation.
Seamus Lagan, CEO of FOXO stated, “We are excited about taking a critical step as FOXO continues to pursue its acquisition strategy and is actively engaged in efforts to close previously announced acquisitions as well as evaluate new opportunities. The newly designated preferred stock will be used as both an acquisition currency and capital raising security. We intend, at the appropriate time, to have the Series E Preferred Stock publicly listed with its own trading symbol. We believe having a funding mechanism that is non-dilutive to common stockholders for the acquisition of attractive businesses gives us an opportunity to increase our net revenues and cash flow to create long-term value for our stockholders.”
This announcement is being made pursuant to and in accordance with Rule 135 promulgated pursuant to the Securities Act of 1933, as amended (the “Securities Act”). As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.
About FOXO Technologies Inc. (“FOXO”)
FOXO owns and operates three subsidiaries.
Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical Center), a critical access designated (CAH) hospital in East Tennessee.
Myrtle Recovery Centers, Inc., a 30-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services for MAT and OBOT Programs.
FOXO Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.
For more information about FOXO, visit www.foxotechnologies.com .
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the FOXO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to 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; and the risk that FOXO has a history of losses and may not achieve or maintain profitability in the future. 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:
Sebastien Sainsbury
[email protected]
(561) 485-0151
