Rennova Health Inc (RNVA)

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FOXO Technologies Shares Jump After Signing Share Exchange Deals to Acquire Rennova Health's Healthcare Operations

10:16 AM EDT, 06/14/2024 (MT Newswires) -- FOXO Technologies (FOXO) shares jumped nearly 17% in recent Friday trading after it said it signed two share exchange agreements with Rennova Health to boost the company's cash flow and expand its market reach.

FOXO will acquire more than 98% of Myrtle Recovery Centers' issued and outstanding shares for $500,000 and all of the issued and outstanding shares of Rennova Community Health, which owns Scott County Community Hospital, for $20 million of convertible preferred stock, according to a late Thursday filing.

Closing of the transactions is subject to certain closing conditions, the company said.

Scott County Community Hospital and Myrtle Recovery Centers generated unaudited net revenue of about $18.7 million and net income of about $5.2 million in 2023, FOXO said.