TSX futures tick up after index logs fresh record high close
On Monday, Foxo Technologies Inc. (OTC:FOXO) disclosed that its majority stockholder, Rennova Health, Inc.—controlled by Foxo’s CEO—approved a proposal to amend the company’s Certificate of Incorporation to allow for a reverse stock split of its Class A Common Stock. The approval was granted by written consent as of September 2, representing approximately 60% of the company’s voting rights.
According to the company’s statement, the reverse stock split could occur at any time before July 31, 2026. The approved ratio range is from one-for-ten (1:10) to one-for-five hundred (1:500), with the exact ratio to be determined at the discretion of Foxo Technologies’ Board of Directors. No further approval or authorization from stockholders will be required prior to filing the amendment to the Certificate of Incorporation to effect the reverse split.
Foxo Technologies indicated it will file a preliminary Information Statement on Schedule 14C with the U.S. Securities and Exchange Commission regarding the matter. The company plans to mail the definitive Information Statement to shareholders of record as of September 2. The approved actions will become effective 20 days after the mailing of the definitive statement.
This information is based on a press release statement contained in the company’s recent SEC filing.
In other recent news, FOXO Technologies has been delisted from the NYSE American exchange due to its Class A Common Stock price falling below the minimum requirement of $0.10 per share on August 12, 2025. Trading was immediately suspended, and the company has since received approval from FINRA to trade its shares on the OTC market, with trading beginning on August 13. FOXO Technologies also enacted a 1-for-1.99 reverse stock split, which resulted in every 1.99 shares being combined into one share, effective Sunday. The company confirmed that no fractional shares remain, as any fractional entitlements were rounded up to the nearest whole share. Additionally, FOXO Technologies’ board has advised that investors should no longer rely on its previously issued unaudited financial statements for the quarter ending March 31, 2025, due to an identified error in accounting related to its acquisition of Rennova Community Health, Inc. These developments follow the NYSE Regulation’s decision to commence delisting proceedings for FOXO’s stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.