Foxo Technologies amends settlement agreement with Smithline Family Trust II

Foxo Technologies Inc. (OTC:FOXO), currently trading at $0.01 with a market capitalization of just $320,000, announced Monday it has amended its settlement agreement with Smithline Family Trust II, according to a statement based on a recent SEC filing. According to InvestingPro data, the company operates with a significant debt burden and is rapidly burning through cash.

Under the terms of Amendment No. 1 to the Settlement Agreement, signed on September 4, 2025, Foxo Technologies agreed to pay the remaining balance owed to Smithline, totaling $97,837, in four separate payments. The payment schedule includes an immediate payment of $25,000, followed by two additional payments of $25,000 each due by September 27, 2025, and October 27, 2025. The final payment of $22,837 is scheduled for November 27, 2025. With a current ratio of 0.17, the company’s short-term obligations exceed its liquid assets, as revealed by InvestingPro analysis.

The original settlement, reached in November 2023, required Foxo Technologies to pay $2.3 million to Smithline by converting debt into shares of the company’s Class A Common Stock. The new amendment stipulates that the remaining balance will be paid in cash instead of shares. According to the filing, payment of the $97,837 in cash will satisfy the settlement agreement in full.

Foxo Technologies is incorporated in Delaware and its principal executive offices are located in West Palm Beach, Florida. The company’s Class A Common Stock trades under the symbol OTC:FOXO.

This information is based on a statement released by the company in a filing with the Securities and Exchange Commission.

In other recent news, FOXO Technologies Inc. has undergone several significant developments. The company has been delisted from the NYSE American exchange after its stock price fell below the minimum requirement, leading to its shares now trading on the OTC market. This change was effective after the stock price dropped below $0.10 per share, prompting immediate suspension from the NYSE American. Additionally, FOXO Technologies recently enacted a 1-for-1.99 reverse stock split, consolidating shares without altering the par value. This reverse split ensures that no fractional shares remain, as shareholders received rounded-up shares. Furthermore, the majority stockholder, Rennova Health, has approved a potential reverse stock split with a ratio range from one-for-ten to one-for-five hundred, which can occur anytime before July 31, 2026. In financial disclosures, FOXO Technologies restated its Q1 financials due to an error related to its acquisition of Rennova Community Health. These changes reflect the company’s ongoing adjustments and strategic decisions.

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