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FOXO Technologies Inc. (NYSE American:FOXO), a commercial physical and biological research company, has announced a 1-for-10 reverse stock split of its Class A Common Stock, effective as of the close of business today. This corporate action was detailed in a recent filing with the U.S. Securities and Exchange Commission. The company, currently trading at $0.08 with a market capitalization of just $3.01 million, has seen its stock decline over 70% year-to-date, according to InvestingPro data.
The reverse stock split, which was approved on April 22, 2025, will reduce the number of shares currently held by shareholders, consolidating every 10 shares of existing Common Stock into one share. However, the par value of the stock will remain unchanged at $0.0001 per share. InvestingPro analysis indicates the company’s financial health score is currently rated as "Weak," with a concerning current ratio of 0.09, suggesting potential liquidity challenges.
Starting tomorrow, April 29, 2025, FOXO Technologies’ Common Stock is expected to trade on a post-split basis under the new CUSIP number 351471 404. The company, headquartered in West Palm Beach, Florida, has stated that no fractional shares will be issued as a result of the split. Shareholders who would otherwise hold a fraction of a share will receive one whole share in lieu of the fractional share.
The amendment to the company’s Second Amended and Restated Certificate of Incorporation, which includes the reverse stock split, is filed with the SEC and is incorporated by reference in the 8-K filing. This strategic move is a common practice among public companies aimed at adjusting the number of shares outstanding and often to influence the stock price.
Investors and interested parties can find the details of the Charter Amendment and the reverse stock split in the Exhibit 3.1 of the 8-K report filed by FOXO Technologies. This report is based on the press release statement issued by the company and filed with the SEC.
In other recent news, FOXO Technologies Inc. has made significant corporate and financial moves. The company announced an amendment to its Certificate of Incorporation, specifically affecting its Series D Preferred Stock. This amendment, filed on March 31, 2025, removes the automatic conversion right of the stock, allowing FOXO Technologies to classify the shares as equity instead of a liability, potentially enhancing its financial reporting flexibility and perceived stability. Additionally, FOXO Technologies has approved several stock issuances through a majority stockholder consent, which includes issuing Class A Common Stock in various financial transactions. These transactions involve ClearThink Capital Partners (WA:CPAP), LLC, Jefferson Street Capital, LLC, and a private note offering that could raise up to $1.5 million. The approvals align with Section 713 of the NYSE American LLC Company Guide, ensuring compliance for issuing securities exceeding 20% of the currently issued shares. These developments reflect FOXO Technologies’ ongoing efforts in financial restructuring and capital raising. The details of these actions were disclosed in an 8-K filing with the U.S. Securities and Exchange Commission.
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