FOXO Technologies Inc. Secures Up to $2.8 Million in Senior Notes to Fund Previously Announced Acquisition of Myrtle Recovery Centers, Inc. and Provide Additional Working Capital

2024-06-22

June 18, 2024 -- FOXO Technologies Inc. (NYSE American: FOXO) (the “Company” or “FOXO”), today announced that it has secured up to $2.8 million in Senior Notes from an institutional investor (“Investor”) to fund the previously announced acquisition of Myrtle Recovery Centers, Inc. as well as provide additional working capital to support the Company’s growth strategy.

Mark White, Interim CEO of FOXO, said, “We appreciate the support of this institutional investor, which we believe is further validation of our business model. Specifically, we intend to use the proceeds to complete the acquisition of Myrtle Recovery Centers, Inc., as well as advance our planned acquisition of Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical Center). As previously noted, we believe these two acquisitions will be transformative for the Company, given that these businesses generated combined unaudited net revenue of approximately $18.7 million and net income of approximately $5.2 million for the twelve months ended December 31, 2023. We are making progress towards completing the planned acquisitions, which we expect will be highly synergistic with our existing epigenetic and AI-based epigenetic solutions. Overall, we could not be more excited about the outlook for the business and look forward to providing further updates.”

Additional details on the Senior Notes are available in the Company’s Form 8-K, which has been filed with the Securities and Exchange Commission.

About FOXO Technologies Inc.

FOXO is a biotechnology company dedicated to improving human health and longevity through the development of cutting-edge technology and product solutions for various industries, including life insurance. FOXO’s epigenetic technology applies AI to DNA methylation to identify molecular biomarkers of human health and aging. FOXO is committed to leveraging the latest advancements in science and technology to help people live better, longer lives. For more information about FOXO, visit www.foxotechnologies.com.

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