FOXO Technologies Introduces New Preferred Stock Series for Growth

FOXO Technologies Implements New Preferred Stock Series

FOXO Technologies Inc. (NYSE American: FOXO) has recently designated a new series of preferred stock, known as the Series E Cumulative Redeemable Secured Preferred Stock. This strategic move is intended to enhance the company's acquisition strategy and better position it in the market for future opportunities.

Details of the Series E Preferred Stock

The Series E Preferred Stock features several advantageous attributes, ultimately aimed at providing financial flexibility for FOXO as it seeks to expand. Each share has a stated value of $25.00 and encompasses a cash dividend of 2.5% per annum, distributed semi-annually. Additionally, it will offer a common stock dividend of 5.0%, also paid semi-annually. Notably, a security interest in the stock of FOXO’s newly formed acquisition vehicle, FOXO Acquisition Corporation, adds another layer of security for investors.

CEO's Vision and Acquisition Strategy

Seamus Lagan, the CEO of FOXO, expressed enthusiasm about this pivotal direction the company is taking. He commented, 'Implementing the Series E Preferred Stock is a fundamental step in advancing our acquisition plans. It not only helps us close ongoing acquisition deals but also allows for the exploration of new opportunities.' The CEO emphasized that this new channel for funding will be non-dilutive for common stockholders, which is a critical aspect of maintaining shareholder value.

About FOXO Technologies Inc.

FOXO Technologies Inc. operates within a broader ecosystem, managing three subsidiaries that contribute significantly to its mission. Rennova Community Health, Inc. operates Scott County Community Hospital, providing essential healthcare services in East Tennessee. This facility is recognized as a critical access designated hospital.

Myrtle Recovery Centers, Inc. operates as a behavioral health facility that specializes in a range of services, including both inpatient detox and outpatient treatments. This mixed-service facility aims to create holistic pathways to recovery for its patients.

FOXO Labs, Inc., the company’s biotechnology division, is focused on research that looks to enhance human health. They harness innovative technologies and create product solutions that address various health-related challenges, ensuring that they remain competitive and relevant in the rapidly evolving healthcare landscape.

Through these subsidiaries and the strategic introduction of the Series E Preferred Stock, FOXO aims to not only bolster its acquisition capabilities but also enhance its overall market presence.

Looking Ahead: Growth and Opportunities

As FOXO Technologies positions itself for growth, the investor community will be closely watching how effectively the company leverages its new funding mechanism. With a focus on acquisitions, investors can expect FOXO to actively pursue valuable enterprises that complement its existing services and expand its market share.

Frequently Asked Questions

What is the purpose of the new Series E Preferred Stock?

The Series E Preferred Stock is intended to serve as both an acquisition currency and a capital raising tool while providing a non-dilutive option for common stockholders.

How does the Series E Preferred Stock benefit investors?

Investors can benefit from a cash dividend of 2.5% per annum and a common stock dividend of 5.0% per annum, enhancing their investment return.

What are the plans for the Series E Preferred Stock's market presence?

FOXO plans to publicly list the Series E Preferred Stock with its own trading symbol at an appropriate time, increasing its visibility and accessibility in the market.

What subsidiaries does FOXO Technologies Inc. manage?

FOXO manages Rennova Community Health, Myrtle Recovery Centers, and FOXO Labs, each focusing on vital sectors of healthcare and biotechnology.

Who is leading FOXO Technologies Inc.?

Seamus Lagan serves as the CEO and is actively steering the company's strategies toward growth and acquisition in the healthcare market.

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