FOXO expands behavioral health services
FOXO Technologies announced that its subsidiary, Myrtle Recovery Centers, has received two licenses from the Tennessee Department of Mental Health and Substance Abuse Services, effective August 1, 2024. These licenses cover residential detoxification and rehabilitation for alcohol and drugs, as well as non-residential office-based opiate treatment.
FOXO completed its acquisition of Myrtle Recovery Centers from Rennova Health on June 14, 2024. The 30-bed facility, located in East Tennessee, provides both inpatient and outpatient services and has secured contracts with major health insurers in the state. The company expects the facility to generate $3-4 million in annual revenue and plans to replicate this model in other locations.
Interim CEO Mark White expressed enthusiasm about the new licenses, highlighting the strong demand for these services and the potential growth opportunities from acquiring Myrtle Recovery Centers and the pending acquisition of Big South Fork Medical.
FOXO has also revised its executive compensation structure, transitioning Mark White’s interim employment agreement to a new Services Agreement with a monthly fee of $30,000, an equity option, and 2,000 shares of Series A Preferred Stock. These changes are part of a broader strategic shift in the company’s advisory and management approach.
Additionally, FOXO has regained compliance with NYSE American listing standards by settling overdue fees, thus avoiding delisting. The company has also entered into strategic agreements with C L Talent Inc. and J.H. Darbie & Co., Inc.
