Summary by Moomoo AI
On September 10, 2024, FOXO Technologies Inc. (FOXO) completed a significant transaction involving the acquisition of Rennova Community Health, Inc. (RCHI) from Rennova Health, Inc. (RHI). The original stock exchange agreement was amended, changing the consideration from 20,000 shares of Series A Preferred Stock to $100, and adding a senior note of $22 million, secured by RCHI's assets and guaranteed by FOXO. The note, maturing on September 10, 2026, has an interest rate starting at 8% and increasing to 12% after six months, with a default rate of 20%. Payments are based on 10% of RCHI's free cash flow and 25% of any equity capital raised by FOXO. The board of directors approved the amended agreement on the same day. Additionally, Seamus Lagan and Trevor Langley were appointed to FOXO's board as part of the transaction.
