FOXO stock plunges to 52-week low, touches $0.11

FOXO Technologies Inc. (FOXO) stock has tumbled to a 52-week low, with shares dropping to a mere $0.11, representing a market capitalization of just $2.69 million. According to InvestingPro analysis, the company's Financial Health Score stands at a concerning WEAK level, with short-term obligations exceeding liquid assets as evidenced by a current ratio of 0.08. This significant downturn reflects a broader trend for the company, which, under its former name Delwinds Insurance Acquisition, has seen its value erode by an alarming 63.94% over the past year. Investors are grappling with the stark reality of the company's performance, with year-to-date returns showing a 57.74% decline. While InvestingPro analysis suggests the stock may be slightly undervalued at current levels, multiple warning signs persist, including volatile price movements and unprofitability over the last twelve months. InvestingPro subscribers have access to 11 additional key insights about FOXO's financial health and market position.

In other recent news, FOXO Technologies Inc. announced a significant amendment to its Certificate of Incorporation, affecting its Series D Preferred Stock. This amendment removes an automatic conversion right, allowing the company to classify these shares as equity rather than a liability, potentially enhancing its financial reporting flexibility. Additionally, FOXO Technologies secured shareholder approval for the issuance of Class A Common Stock upon conversion of its Series A Preferred Stock, a move that could exceed 20% of the current outstanding shares. This approval was part of resolutions passed at a Special Meeting of Shareholders, reflecting compliance with NYSE American Rule 713.

Further developments include FOXO Technologies completing the conversion of its 15% Senior Promissory Notes into Series B Cumulative Convertible Redeemable Preferred Stock. This financial restructuring was executed following majority shareholder consent and aims to streamline the company's debt obligations. In related actions, the company also obtained approval for the issuance of shares to ClearThink Capital Partners (WA:CPAP), LLC and Jefferson Street Capital, LLC, as part of financial transactions involving convertible and non-convertible notes.

These strategic financial maneuvers are part of FOXO Technologies' broader efforts to manage its capital structure effectively. The company has been actively engaging in shareholder-approved actions to address its debt and equity structure, as evidenced by recent SEC filings. These developments highlight FOXO Technologies' ongoing financial restructuring and capital raising initiatives.

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