MINNEAPOLIS-based FOXO Technologies Inc., a micro-cap company with a market value of $6.38 million, has announced its return to compliance with the NYSE American LLC continued listing standards.
Trading at $0.37 per share, the company received a letter from NYSE Regulation on Monday, confirming the resolution of deficiencies previously noted in Sections 1003(a)(i) and (ii) of the NYSE American Company Guide. According to InvestingPro data, FOXO has shown resilience with a 25.52% gain year-to-date.
The compliance issues, initially identified in communications from the Exchange on June 12, 2023, and July 10, 2024, have been addressed, allowing FOXO Technologies to meet the required standards.
While the company will continue to be monitored under the NYSE Regulation's normal listing procedures, InvestingPro analysis indicates the company maintains a FAIR overall Financial Health score, though it faces challenges with short-term obligations exceeding liquid assets.
NYSE American also indicated that should FOXO Technologies fall below the listing standards again within the next 12 months, the Exchange may re-evaluate the company's recovery measures and potentially expedite delisting procedures.
Effective from the opening of trading today, the ".BC" indicator, which was used to denote noncompliance, will no longer be attached to the company's stock, and FOXO Technologies will be removed from the Exchange’s website list of noncompliant issuers.
In other recent news, FOXO Technologies Inc. has been making significant strides to strengthen its financial position. The company's stockholders have approved a reverse stock split, aimed at improving its marketability and compliance with NYSE American listing requirements. Additionally, FOXO has finalized the acquisition of Rennova Community Health (NYSE:CYH), Inc., a strategic move that expands its presence in the healthcare sector.
The company has also reached an agreement to convert outstanding senior debt into equity, which is set to fortify its financial position. Furthermore, FOXO has amended its Certificate of Incorporation to authorize the issuance of up to 35,000 shares of Series A Cumulative Convertible Redeemable Preferred Stock, expanding its capital structure.
FOXO has made changes to its bylaws affecting shareholder meeting quorum requirements, lowering the quorum needed from a majority to one-third of outstanding shares.
This adjustment aims to facilitate the transaction of business during shareholder meetings. In a series of strategic agreements, the company has engaged J.H. Darbie & Co., Inc. as a nonexclusive financial adviser and signed a Corporate Development Advisory Agreement with C L Talent Inc.
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