FOXO Technologies to List on NYSE American Following Successful Business Combination with Delwinds Insurance Acquisition Corp
5:47 am ET September 16, 2022 (Benzinga) Print
FOXO Technologies Inc. ("FOXO" or the "Company"), a technology platform company whose products and services seek to address long-standing, core problems within the life insurance industry through epigenetic longevity science, today announced the completion of its business combination (the "Business Combination") with Delwinds Insurance Acquisition Corp. (NYSE: DWIN) ("Delwinds"), a publicly traded special purpose acquisition company.
The products and services FOXO is developing combine longevity science with life insurance to: (i) support consumer health and wellness engagement, and (ii) simplify the consumer underwriting journey.
The combined company will operate under the name "FOXO Technologies Inc.," and will be led by Chief Executive Officer Jon Sabes. Commencing at the open of trading on September 16, 2022, FOXO's Class A common stock are expected to trade on the NYSE American exchange under the symbol "FOXO". FOXO's warrants will continue to trade on the NYSE exchange under the symbol "FOXO WS", and it is anticipated that trading of the warrants will move to the NYSE American exchange shortly. Upon the consummation of the Business Combination, each outstanding unit of Delwinds was automatically separated into one share of Delwinds Class A common stock and one half of one Delwinds warrant and each share of Delwinds class A common stock and each whole warrant of Delwinds was exchanged for one FOXO common share and one FOXO warrant, exercisable into shares of FOXO Class A common stock, respectively. The warrant exercise price for each FOXO warrant is $11.50.
The transaction was approved by Delwinds' stockholders at its special meeting held on September 14, 2022. Over 91% of the votes cast on the business combination proposal at the special meeting were cast in favor of approving the business combination.
Advisors
Cantor Fitzgerald acted as Capital Markets Advisors to Delwinds. Ellenoff, Grossman & Schole LLP acted as legal advisor to Delwinds. Mitchell Silberberg & Knupp LLP and Stinson LLP acted as legal advisors to FOXO
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