Rennova Health Announces Stock Exchange Agreements With FOXO Technologies, Inc. For Two Operating Subsidiaries; Rennova's Equity In Myrtle Recovery CentersWas Exchanged For $500,000 Of Common Stock; Equity In Rennova Community Health, Predominantly Consisting Of The Company's Critical Access Hospital Will Be Exchanged For $20M Of Convertible Preferred Stock In FOXO
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Rennova Health has entered into two stock exchange agreements with FOXO Technologies. Rennova's equity in Myrtle Recovery Centers was exchanged for $500,000 of FOXO common stock, and equity in Rennova Community Health will be exchanged for $20 million of FOXO convertible preferred stock. The Myrtle transaction closed on June 14, 2024, while the Rennova Community Health transaction is expected to close in Q3 2024.
June 17, 2024 | 12:39 pm
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FOXO Technologies has entered into stock exchange agreements with Rennova Health, acquiring equity in Myrtle Recovery Centers for $500,000 in common stock and equity in Rennova Community Health for $20 million in convertible preferred stock. The Myrtle transaction has closed, and the Rennova Community Health transaction is expected to close in Q3 2024.
The acquisition of equity in Myrtle Recovery Centers and Rennova Community Health is likely to positively impact FOXO Technologies' stock in the short term due to the expansion of its healthcare services portfolio. The completion of the Myrtle transaction and the expected closing of the Rennova Community Health transaction in Q3 2024 further solidify this outlook.
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