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FOXO Technologies Inc. (NYSE American:FOXO) announced Monday it has been delisted from the NYSE American exchange after its Class A Common Stock price fell below the minimum requirement of $0.10 per share on August 12. Trading was immediately suspended by the exchange. The delisting follows a dramatic decline in the company’s stock value, with InvestingPro data showing a 99.7% price drop over the past six months. The stock’s current price of $0.01 represents a significant fall from its 52-week high of $25.87. The company has since received approval from FINRA to trade its shares on the OTC market under the symbol "FOXO," with trading commencing August 13. With the company’s market capitalization now at just $130,000 and a concerning current ratio of 0.11, InvestingPro analysis reveals significant challenges ahead. Subscribers can access 13 additional ProTips and comprehensive financial metrics to better understand the company’s position.
In a separate disclosure, FOXO Technologies’ board determined on August 14 that investors should no longer rely on the company’s previously issued unaudited condensed consolidated financial statements for the quarter ended March 31, 2025. The company identified an error related to the accounting for purchase price consideration stemming from its September 10, 2024, acquisition of Rennova Community Health (NYSE:CYH), Inc. (RCHI) from Rennova Health, Inc. (RHI).
According to the company, the error involved not recording $5.1 million in additional purchase price consideration as a liability as of March 31, 2025, related to settlements with pre-acquisition debt holders. This amount should have been included under the terms of the acquisition agreement, which required increased consideration for debt settlements above $5.0 million within a year of the deal closing.
As a result of the correction, goodwill on the balance sheet as of March 31, 2025, increased from $25.5 million to $30.6 million, and current liabilities rose from $28.7 million to $33.8 million. The company stated that the correction did not affect its statement of operations, stockholders’ equity, total cash flows, net loss, or comprehensive loss.
Additionally, a clerical error was identified in the original filing, with amounts for notes payable and notes payable to related parties being inadvertently switched. The company plans to file an amended quarterly report reflecting these corrections as soon as practicable.
FOXO Technologies’ board and management have discussed these matters with its independent registered public accounting firm, Kreit & Chiu CPA LLP.
All information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, FOXO Technologies Inc. has been delisted from the NYSE American exchange. The delisting occurred after the company’s stock price fell below the minimum requirement of $0.10 per share. This decision was made by NYSE Regulation pursuant to Section 1003(f)(v) of the NYSE American Company Guide, resulting in the immediate suspension of trading. Prior to this, FOXO Technologies implemented a 1-for-1.99 reverse stock split of its Class A Common Stock. The reverse split, effective at 4:01 p.m. Eastern Time, combined every 1.99 shares into one issued and outstanding share. The company ensured that no fractional shares were left outstanding, rounding up any fractional entitlements to the next whole share. These developments mark significant changes for FOXO Technologies in the stock market landscape.
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