FOXO Technologies Pursues New Horizons with Care Facility Deal
FOXO Technologies Expands with New Acquisition Agreement
FOXO Technologies Inc. (NYSE American: FOXO) has taken a significant step towards enhancing its portfolio in the healthcare sector. Recently, the company announced its execution of a non-binding acquisition agreement for an assisted living and memory care facility located in South Florida.
A Comprehensive Acquisition
This venture involves acquiring the land and buildings of a facility that boasts 87 units, all licensed to provide essential assisted living and memory care services. The total expected purchase price for this facility is around $22 million, with a part of this investment being milestone-based. Specifically, $5 million will be issued as non-convertible preferred stock. The successful completion of this acquisition hinges on several conditions, including thorough due diligence and proper financing.
Strategic Vision from Leadership
Seamus Lagan, the CEO of FOXO, shared insights on the strategic direction of the company: "This agreement further demonstrates our strategy to incorporate more assisted living facilities into our healthcare services portfolio. We are determined to finalize acquisitions that are currently under non-binding agreements, which could potentially add over 350 units dedicated to assisted living and memory care services. This growth aligns with our vision for expanded healthcare accessibility and support."
Future Endeavors and Growth
In addition to this acquisition, FOXO Technologies plans to confirm a definitive agreement regarding the acquisition of Vector Biosource, Inc., which has progressed significantly. The company is actively pursuing further opportunities within the assisted living and behavioral health sectors. Moreover, FOXO is optimistic about the imminent expansion of its Myrtle Recovery Centers, Inc. business, which focuses on providing high-quality behavioral health solutions.
Upcoming Financial Transparency
FOXO Technologies is preparing to file its Quarterly Report on Form 10-Q for the quarter that ended on June 30, 2025. This report is expected to be released on or before August 14, 2025, and the company anticipates showcasing continued improvement in its net revenues, profitability, and equity for shareholders.
About FOXO Technologies Inc.
FOXO Technologies, dedicated to advancing health and wellness, operates through three subsidiaries. Firstly, Rennova Community Health, Inc. manages the Scott County Community Hospital, known as Big South Fork Medical Center, a critical access hospital in East Tennessee. Secondly, Myrtle Recovery Centers offers a comprehensive suite of behavioral health services, including a 30-bed facility that provides inpatient detox and residential treatment, along with outpatient services. Finally, FOXO Labs is engaged in pioneering biotechnology aimed at enhancing human longevity through innovative technology and product solutions.
Contact Information
If you wish to learn more about FOXO Technologies and its aspirations, you can reach out to:
Sebastien Sainsbury
Email: ssainsbury@foxotechnologies.com
Phone: (561) 485-0151
Frequently Asked Questions
What is the significance of the acquisition agreement by FOXO?
The acquisition aims to expand FOXO's service offerings in assisted living and memory care, enhancing their healthcare portfolio.
How much is FOXO investing in the acquisition?
The total consideration for the facility is estimated at $22 million, with part of it being offered in non-convertible preferred stock.
What are the expected outcomes from this acquisition?
The outcome may include increased access to assisted living services and adding over 350 units to their capabilities in patient care.
What other developments should we expect from FOXO?
FOXO is also working on a definitive agreement for acquiring Vector Biosource, Inc., alongside exploring more opportunities in behavioral health.
How can I learn more about FOXO Technologies?
For more details, you can contact the company directly via the provided email or visit their official website.
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