Rennova Health announces stock exchange agreements with struggling FOXO
Rennova Health has announced two stock exchange agreements with FOXO Technologies , a struggling company listed on the NYSE.
In the first agreement, Rennova exchanged its equity in Myrtle Recovery Centers, a subsidiary focused on behavioral health services, for $500,000 in FOXO common stock, pending NYSE approval.
In the second agreement, Rennova exchanged its equity in Rennova Community Health, which includes Big South Fork Medical Center, for $20 million in convertible preferred stock in FOXO. This exchange is also subject to certain adjustments.
In addition, FOXO secured a commitment for up to $2.5 million in financing, with $750,000 funded at the closing of the Myrtle transaction.
This news follows FOXO receiving a notice of non-compliance from NYSE on April 17, 2024, for failing to file their annual report on time. Additionally, previous acquisition talks appear to have failed, as FOXO had announced a non-binding agreement in March to merge with M2i Global, Inc., a company focused on developing a global supply chain for critical minerals.
Since going public in 2022, FOXO’s stock price has dropped to approximately $0.28, reflecting a 99.7% decrease.