In a recent transaction on July 22, Mark Brian White, the Interim CEO and a significant shareholder of FOXO Technologies Inc. (NYSE:FOXO), sold 1,300,000 shares of the company's Class A Common Stock at a price of $0.25 per share, totaling $325,000. This sale has brought his direct holdings in the company down to zero, according to the latest filing with the Securities and Exchange Commission.
The transaction was conducted indirectly through KR8 ai Inc., where Mark Brian White holds positions as an officer, director, and shareholder. The footnotes in the SEC filing indicate that the shares were sold by KR8 ai Inc. and that following this transaction, the shares owned by KR8 ai Inc. are not considered for the purposes of White's beneficial ownership in FOXO Technologies.
This move comes amidst the commercial physical and biological research company's ongoing developments. FOXO Technologies, which was formerly known as Delwinds Insurance Acquisition Corp., has been involved in various research services within the industry.
Investors and market watchers often look to insider transactions such as these for insights into a company's performance and the confidence that executives have in the future of their firms. However, the reasons behind such sales can vary widely and may not necessarily reflect a change in company outlook.
FOXO Technologies has not released any official statement regarding the transaction or any potential impact it may have on the company's operations or strategy moving forward. As of now, the stock continues to trade on the New York Stock Exchange under the ticker symbol FOXO.
InvestingPro Insights
Following the notable insider transaction by Mark Brian White, Interim CEO of FOXO Technologies Inc., investors may benefit from additional context provided by InvestingPro data and tips. The company, which specializes in commercial physical and biological research, has shown significant volatility in its stock price, with a PRONEWS24 coupon code offering up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription for those seeking deeper insights.
InvestingPro data reveals a market capitalization of just $2.57 million USD for FOXO Technologies, reflecting the small size of the company within its industry. The stock's price-to-earnings (P/E) ratio stands at -0.14, indicating that the company has not been profitable over the last twelve months as of Q1 2024. Furthermore, the gross profit margin was recorded at a low 5.04% during the same period, underscoring the challenges the company faces in maintaining profitability.
InvestingPro Tips for FOXO Technologies highlight the stock's recent performance issues, with the stock price having taken a significant hit over the last week, month, and year. Specifically, the 1 Week Price Total Return as of mid-2024 was -11.67%, and the 1 Year Price Total Return was a steep -83.94%. Additionally, the stock is trading near its 52-week low, which is only 6.95% of the 52-week high, potentially signaling a lack of investor confidence.
InvestingPro further lists a total of 14 additional tips for FOXO Technologies, which could provide valuable insights into the stock's trading patterns and financial health. For those interested in a comprehensive analysis, these tips can be accessed through InvestingPro's platform using the indicated coupon code for a discounted subscription.
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