FOXO raises $450K but warns cash only through mid-August; records $1.2M impairment

FOXO TECHNOLOGIES INC.

Private placement of up to 5.625M shares at $0.08/share for $450K gross proceeds; first tranche of 2.8125M shares closed.
Net proceeds (~$202.5K from first tranche) expected to fund operations only through end of July 2023; second tranche through mid-Aug.
Company warns it may need to curtail/suspend operations, sell company, or file bankruptcy if no further financing secured.
Expects ~$1.2M non-cash impairment charge on intangible assets: $630K underwriting API, $578K longevity API for Q2 2023.
Outstanding shares after first tranche: 49,293,392.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FOXO TECHNOLOGIES INC. entered into Stock Purchase Agreements with three accredited investors valued at aggregate gross proceeds of $450,000 (effective 2023-07-14).

Action: entry
Agreement: equity purchase
Counterparty: three accredited investors
Value: aggregate gross proceeds of $450,000
Effective: 2023-07-14

Exact text from the filing

From July 14, 2023 through July 20, 2023 (each such date, a “First Tranche Closing Date”), FOXO Technologies Inc. (the “Company”) entered into three separate Stock Purchase Agreements (the “Stock Purchase Agreements”), which have substantially similar terms, with three accredited investors (the “Buyers”), pursuant to which the Company agreed to issue and sell to the Buyers, in a private placement (the “Offering”), in two separate tranches each, an aggregate of up to 5,625,000 shares of the Company’s Class A common stock, par value $0.0001 per share (“Common Stock”), at a price of $0.08 per share (the “Per Share Price”), for aggregate gross proceeds of $450,000.

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281 material agreements filed in the last 30 days. Browse all material agreements →

FOXO TECHNOLOGIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-058544

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