FOXO raises $1.5 million

FOXO Technologies has entered into a securities purchase agreement with existing institutional investors to issue up to 1,650 shares of Series A Preferred Stock in three closings, starting June 4, 2025. The deal will generate $1.5 million in net proceeds, after deducting $150,000 in investor costs.

The funding supports FOXO’s efforts to complete an acquisition and continue improving its financial position. The company reported $3 million in Q1 2025 revenue and a $4.4 million improvement in stockholders’ equity, rising to $9.7 million as of March 31 from negative $17.5 million in September 2024.

FOXO began as youSurance, a GWG Holdings subsidiary offering spit-based life insurance underwriting through epigenetic testing. Its early promise centered on using saliva to assess mortality, smoking, and alcohol consumption—aiming to personalize life insurance pricing. Nowadays, following its 2022 IPO, FOXO is a healthcare services and technology company with operations spanning epigenetic diagnostics, rural hospitals, and mental and behavioral health facilities, all managed through wholly owned subsidiaries.

“We are pleased to secure this equity investment into FOXO at this time. We hope to close one of our recently announced acquisition targets in the coming weeks and continue our efforts to increase our revenues and improve our balance sheet. We are delighted with our continued progress and efforts to transform FOXO into a successful revenue-generating Company and were pleased to report in excess of $3M in net revenues and an approximate $4.4M improvement in stockholders’ equity for the first quarter of 2025. To report having $9.7M of stockholders’ equity at March 31, 2025, compared to the negative $17.5M reported for at September 30, 2024 demonstrates a significant transformation in six months that we believe will create opportunity and value for our shareholders.” – Seamus Lagan, Chief Executive Officer of FOXO.

Bottom Line: At least one investor saw a 184.6% return?