SplitMay 22, 2026, 05:22 PM
FOXO Technologies Majority Stockholder Approves Reverse Stock Split
AI Summary
FOXO Technologies' majority stockholder approved a reverse stock split of its Class A Common Stock, with a ratio ranging from 1:1,000 to 1:10,000, to be determined by the Board. This action aims to amend the Company's Certificate of Incorporation before November 30, 2026. Additionally, the company entered into a Settlement Agreement with J.H. Darbie & Co., Inc. to resolve outstanding obligations, agreeing to issue 400 shares of Series D Preferred Stock and pay $175,000 in cash over seven monthly installments.
Key Highlights
- Majority stockholder approved an amendment for a reverse stock split of Class A Common Stock.
- The reverse split ratio will range from one-for-one thousand (1:1,000) to one-for-ten thousand (1:10,000).
- FOXO Technologies entered a Settlement Agreement with J.H. Darbie & Co., Inc. on May 15, 2026.
- Company to issue 400 shares of Series D Cumulative Convertible Redeemable Preferred Stock to J.H. Darbie.
- Company to pay J.H. Darbie an aggregate of $175,000 in seven equal monthly installments of $25,000.
- In case of payment default, J.H. Darbie can convert the unpaid balance into Class A Common Stock at 90% of 20-day VWAP.
- The issuance of securities was made under the exemption from registration provided by Section 4(a)(2) and Rule 506(b).
Price Impact
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