FOXO Technologies to sell FOXO Life Insurance to Security National Life for ~$4.8M

FOXO TECHNOLOGIES INC.

Merger agreement signed Jan 10, 2023: FOXO Life merges into Security National Life Insurance.
Merger consideration = FOXO Life's statutory capital and surplus (~$5M) minus $200,000.
Seller (FOXO Technologies) pays Buyer's third-party costs plus $200,000.
Closing subject to Arkansas and Utah insurance department approvals, expected by March 31, 2023.
Post-closing, FOXO Technologies no longer needs to hold statutory capital for FOXO Life.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FOXO TECHNOLOGIES INC. entered into Merger Agreement with Security National Life Insurance Company (effective 2023-01-10).

Action: entry
Agreement: merger
Counterparty: Security National Life Insurance Company
Effective: 2023-01-10

Exact text from the filing

On January 10, 2023, FOXO Technologies Inc. (the “Company”) entered into a Merger Agreement (the “Merger Agreement”) with Security National Life Insurance Company, a Utah corporation (the “Buyer”), FOXO Life, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (the “Seller”), and FOXO Life Insurance Company (fka Memorial Insurance Company of America), an Arkansas corporation and wholly-owned subsidiary of the Seller (“FOXO Life”), pursuant to which, subject to the terms and conditions of the Merger Agreement, the Company has agreed to sell FOXO Life to the Buyer.

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Source: SEC EDGAR

accession 0001213900-23-002518

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