FOXO announces restructuring transactions, appoints Seamus Lagan as CEO

FOXO Technologies (FOXO) announces a series of restructuring and capital raising transactions which will improve the Company’s balance sheet, satisfy minimum stockholders’ equity requirements of the NYSE American and provide capital for growth and reduce outstanding liabilities. The Company also announces a change in senior leadership. Key transactions include: Rennova Health, Inc.’s exchange of approximately $21 million of a Senior Secured Note issued by Rennova Community Health, Inc., the Company’s subsidiary, into 21,000 shares of the Company’s Series A Cumulative Convertible Redeemable Preferred Stock; An institutional investor’s additional funding of $1.0 million and exchange of $2.2 million of Senior Notes into 2,464 shares of the Company’s Series A Preferred Stock; Settlement of certain liabilities owed to KR8, Inc. and the termination of a current license agreement for 3,000 shares of the Company’s newly designated Series D Cumulative Convertible Redeemable Preferred Stock. In addition, the Company is pleased to announce that Seamus Lagan has been appointed CEO of the Company effectively immediately. Mr. Lagan joined the Board of Directors of the Company on September 10, 2024. Lagan has served as a director of the Company since September 10, 2024 and was appointed CEO and President and a director of Rennova Health, Inc., the seller of the Company’s recent acquisitions, in 2015, and is the CEO of the Company’s subsidiary, Rennova Community Health.