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Rennova Health, Inc. (OTC:RNVA) is pleased to announce that it has entered into two stock exchange agreements with FOXO Technologies, Inc., an NYSE American-listed company ("FOXO")(NYSE:FOXO). In the first agreement, Rennova's equity in Myrtle Recovery Centers, Inc., the Company's behavioral health services subsidiary, was exchanged for $500,000 of common stock (which will be issued by FOXO on approval by the NYSE, of a Supplemental Listing Application (SLAP) submission as required by the NYSE) in FOXO (subject to certain adjustments). In the second agreement, equity in Rennova Community Health, Inc., predominantly consisting of the Company's critical access hospital (d/b/a Big South Fork Medical Center), will be exchanged for $20 million of convertible preferred stock in FOXO (subject to certain adjustments).
Closing of the Myrtle transaction took place on June 14, 2024 and closing of the Rennova Community Health transaction, subject to certain closing conditions including shareholder approvals, is expected to be completed in the third quarter of 2024. In addition, FOXO secured a commitment for up to $2.5 million of financing of which $750,000 was funded at the Myrtle closing.
Posted In: FOXO
