Loan & DebtMay 18, 2026, 07:37 AM
FOXO Technologies exchanges $7.78M preferred stock for senior notes
AI Summary
FOXO Technologies Inc. entered into two Exchange Agreements on May 12, 2026, with two institutional investors. The company exchanged a total of $7,775,085.28 in Series A Cumulative Convertible Redeemable Preferred Stock for senior unsecured non-convertible promissory notes of the same aggregate principal amount. Following these exchanges, the institutional investors no longer hold any instruments convertible into equity. The notes are non-interest bearing, mature by May 12, 2027, and proceeds are for working capital.
Key Highlights
- FOXO Technologies exchanged $7,775,085.28 in Series A Preferred Stock for senior unsecured non-convertible promissory notes.
- Investor 1 exchanged $2,467,988.34 in preferred stock for a note of equal principal amount.
- Investor 2 exchanged $5,307,096.94 in preferred stock for a note of equal principal amount.
- All Series A Preferred Stock held by the institutional investors was cancelled.
- The institutional investors no longer hold instruments with equity conversion rights.
- The promissory notes are non-interest bearing and mature by May 12, 2027.
- A default interest rate of 18% per annum will apply upon an Event of Default.
- Proceeds from the exchange are designated for working capital purposes.
Price Impact
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