- FOXO Technologies (FOXO, Financial) announces a 1-for-10 reverse stock split effective April 28, 2025.
- Split is aimed at meeting NYSE American's minimum stock price requirement.
- Reverse split impacts stock options and warrants proportionately, ensuring listing compliance.
FOXO Technologies Inc. (FOXO) has confirmed that a 1-for-10 reverse stock split of its Class A common stock will be implemented, effective at 4:01 PM ET on April 28, 2025. The move is aimed at ensuring compliance with NYSE American's listing requirement, which mandates a stock price above $0.10. Following the split, FOXO shares will commence trading on a split-adjusted basis on April 29, 2025, while maintaining the same symbol 'FOXO' but with a new CUSIP number.
Approved by stockholders at the Annual Meeting on November 29, 2024, the reverse split was decided within an authorized ratio range of 1:5 to 1:100. As a result, for every ten shares held, stockholders will receive one share, with fractional shares rounded up to the nearest whole number. The measure aims to prevent delisting as the current FOXO share price stood at $0.0841, post-split, theoretically adjusting to approximately $0.841.
The process will uniformly affect all outstanding stock options, warrants, and equity incentive plans, with their exercise prices and the number of shares adjusted accordingly. Continental Stock Transfer & Trust Company will serve as the exchange agent, handling the conversion and fractional share adjustments.
Despite this move for compliance, FOXO remains in penny stock territory with its market capitalization at $2.69 million, making it one of the smallest publicly traded companies. The company stresses that this split is a technical adjustment and will not impact ongoing business operations, although no business improvement strategies were announced in conjunction with the split, raising concerns about underlying financial health.
