FOXO Technologies Inc. has entered into a significant agreement with its Senior PIK Note holders to address a default situation. On September 20, 2022, the company issued 15% Senior Promissory Notes totaling $3,458,000 to accredited investors. However, the company later found itself unable to rectify a default on these notes. In an effort to resolve the default and convert the debt into equity, FOXO Technologies proposed amendments to the notes. On October 18, 2024, the company received approval from over 50.01% of the note holders to proceed with the amendments. The approved Amendment No. 1 will result in the automatic exchange of the Senior PIK Notes into Series B Cumulative Convertible Redeemable Preferred Stock, contingent upon stockholder approval and compliance with NYSE American listing rules. This exchange is...Show More

FOXO Technologies Inc. has entered into a significant agreement with its Senior PIK Note holders to address a default situation. On September 20, 2022, the company issued 15% Senior Promissory Notes totaling $3,458,000 to accredited investors. However, the company later found itself unable to rectify a default on these notes. In an effort to resolve the default and convert the debt into equity, FOXO Technologies proposed amendments to the notes. On October 18, 2024, the company received approval from over 50.01% of the note holders to proceed with the amendments. The approved Amendment No. 1 will result in the automatic exchange of the Senior PIK Notes into Series B Cumulative Convertible Redeemable Preferred Stock, contingent upon stockholder approval and compliance with NYSE American listing rules. This exchange is set to take place on the second business day post-stockholder approval at 5:00 pm Eastern time. The total value of the Senior PIK Notes and accrued interest, which amounted to $4,706,628.92 as of June 30, 2024, will be converted into equity, effectively canceling the debt. The Series B Preferred Stock will not be convertible into Class A Common Stock until one year after issuance and will carry one vote per share.