FOXO Technologies, Inc. (AMEX:FOXO) stock is trading higher Friday following the company’s announcement that it entered into share exchange agreements with Rennova Health.
What Happened: FOXO Technologies said it entered into two share exchange agreements with Rennova on June 10th.
Under the first agreement, equity in Myrtle Recovery Centers will be exchanged for $500,000 of common stock in FOXO. Myrtle Recovery Centers is a subsidiary of Rennova and provides behavioral health services.
In the second agreement, equity in Rennova Community Health will be traded for $20 million of convertible preferred stock. Rennova Community Health owns and operates Scott County Community Hospital.
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“In addition, by combining our established healthcare operations with FOXO’s expertise in AI and epigenetics, we foresee a powerful synergy that will enhance our service offerings and broaden our impact in the healthcare sector,” said Seamus Lagan, CEO of Rennova Health.
The transaction is subject to certain closing conditions.
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