FOXO Technologies Completes Automatic Exchange of Senior PIK Notes for Series B Preferred Stock

FOXO Technologies Inc. (NYSEAMERICAN:FOXO) recently announced the completion of an Automatic Exchange involving its Senior Promissory Notes and Series B Preferred Stock. The company had entered into separate Securities Purchase Agreements with accredited investors back in September 2022 for its 15% Senior Promissory Notes totaling $3,457,500.

Following approval from over 50.01% of the Senior PIK Notes holders, FOXO Technologies proceeded with Amendment No. 1 to exchange the Senior PIK Notes into shares of Series B Cumulative Convertible Redeemable Preferred Stock. This exchange was activated at 5:00 pm Eastern Time on the second business day post-stockholder approval for the conversion of Series B Preferred Stock into Class A Common Stock, in compliance with the New York Stock Exchange American’s listing regulations.

The Automatic Exchange, detailed in the Amendment, effectively swapped the Senior PIK Notes (excluding accrued and unpaid Interest) for shares of Series B Preferred Stock. This swap was based on the Original Principal Amount divided by the Stated Value of the Series B Preferred Stock.

A majority shareholder utilizing written consent action ratified the Automatic Exchange on January 17, 2025, completing the process on January 22, 2025. Consequently, 3,457.5 shares of Series B Preferred Stock were issued to the Senior PIK Notes holders, leading to the cancellation and full satisfaction of the Senior PIK Notes.

Seamus Lagan, the Chief Executive Officer of FOXO Technologies, signed off on this report on behalf of the company on January 27, 2025, in compliance with the requirements of the Securities Exchange Act of 1934.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FOXO Technologies’s 8K filing here.

About FOXO Technologies

FOXO Technologies Inc engages in epigenetic biomarker underwriting technology and consumer engagement platform service business in the United States. It operates through two segments, FOXO Labs and FOXO Life. The company applies automated machine learning and artificial intelligence technologies to discover epigenetic biomarkers of human health, wellness, and aging.