FOXO debuts on the NYSE
FOXO Technologies announced the completion of its business combination with Delwinds Insurance Acquisition Corp., a publicly traded special purpose acquisition company.
Founded in 2016, the company looks to offer products and services that combine longevity science with life insurance.
The combined company will operate under the name FOXO Technologies Inc. and will be led by Chief Executive Officer Jon Sabes.
Commencing at the open of trading on September 16, 2022, FOXO’s Class A common stock are expected to trade on the NYSE American exchange under the symbol “FOXO”. FOXO’s warrants will continue to trade on the NYSE exchange under the symbol “FOXO WS”, and it is anticipated that trading of the warrants will move to the NYSE American exchange shortly. Upon the consummation of the Business Combination, each outstanding unit of Delwinds was automatically separated into one share of Delwinds Class A common stock and one half of one Delwinds warrant and each share of Delwinds class A common stock and each whole warrant of Delwinds was exchanged for one FOXO common share and one FOXO warrant, exercisable into shares of FOXO Class A common stock, respectively. The warrant exercise price for each FOXO warrant is $11.50.
“The completion of this merger is a significant step forward in our mission to make healthy longevity fundamental to the promise of every life insurance policy sold. Our entry into the public markets strengthens our ability to commercialize our molecular biomarkers of health, aging and mortality with epigenetic technology. The recent signing of our inaugural MGA agreement with the Assurity allows www.FOXOLife.com to begin marketing and selling a full suite of life insurance products with our FOXO Longevity Report™. The Business Combination also occurs as we prepare to complete research that we expect will lead to the opportunity to introduce new saliva-based underwriting protocols next year. These two initiatives represent critical milestones towards our overall goals. We are grateful for the support of the Delwinds leadership team and stockholders throughout this transaction and are more committed than ever to providing lasting value to our customers, our stockholders, and our partners.” – Jon Sabes, Founder and CEO of FOXO.
“With this milestone concluded, FOXO has a number of pivotal developments ahead, including its pioneering application of epigenetic science to measure human health and longevity through molecular biomarkers and commercializing saliva-based underwriting technology for the life insurance industry. Having had the opportunity to work closely with the FOXO team these past months, our belief in FOXO’s value proposition and market opportunity have only grown.” – Andrew J. Poole, Chairman and CEO of Delwinds.
