FOXO TECHNOLOGIES INC. (FOXO): M&A transaction — FOXO Technologies completes sale of FOXO Life Insurance to Security National for $4.65M net cash

FOXO TECHNOLOGIES INC.

Closed sale of FOXO Life Insurance Company to Security National Life Insurance Co. on Feb 3, 2023.
Net cash proceeds of $4,651,407 after $200K deduction and $50,849 in buyer's expenses.
FOXO Life held Arkansas insurance license and statutory capital of $5,002,256 at closing.
Remaining $100,000 of statutory capital expected to be accessed shortly after closing.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FOXO TECHNOLOGIES INC. completed a disposition involving Security National Life Insurance Company for $5,002,256, as of the Closing Date, minus $200,000 (closed 2023-02-03).

Action: disposition
Counterparty: Security National Life Insurance Company
Consideration: $5,002,256, as of the Closing Date, minus $200,000
Closing: 2023-02-03

Exact text from the filing

all of Seller’s shares were cancelled and retired and ceased to exist in exchange for the assignment to the Seller of FOXO Life’s statutory capital and surplus amount of $5,002,256, as of the Closing Date, minus $200,000 (the “Merger Consideration”). As of the date of this Current Report on Form 8-K, the Company has $100,000 of statutory capital and surplus

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Source: SEC EDGAR

accession 0001213900-23-009299

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