FOXO Acquires $22M Assisted Living Facility in South Florida.

FOXO Technologies Inc. has executed a non-binding acquisition agreement to buy an assisted living and memory care facility in South Florida for $22 million. The facility has 87 units and the purchase price includes non-convertible preferred stock worth $5 million. Completion of the acquisition is subject to definitive agreements and closing conditions.

FOXO Technologies Inc. (NYSE American: FOXO) has executed a non-binding agreement to acquire an assisted living and memory care facility in South Florida for $22 million. The facility, which features 87 licensed units, will be purchased for a total consideration of $22 million, with $5 million in non-convertible preferred stock. The deal is contingent on the completion of definitive agreements, satisfactory due diligence, and securing favorable financing terms [1].

The acquisition represents FOXO's strategic pivot towards healthcare services, specifically the assisted living sector. CEO Seamus Lagan emphasized that this agreement is part of a broader acquisition strategy targeting over 350 units in the assisted living and memory care segment. The company is also pursuing an acquisition of Vector Biosource and expanding its Myrtle Recovery Centers business [1].

Completion of the acquisition is subject to several conditions, including the ability to secure financing and meet performance milestones. The milestone-based structure of the deal suggests that a portion of the $5 million in non-convertible preferred stock will be tied to specific performance metrics [1].

FOXO expects to file its Q2 2025 10-Q by August 14, projecting improved revenues, profitability, and stockholder equity. The company's expansion into the assisted living sector is driven by demographic tailwinds from an aging population, which is expected to provide a relatively stable demand for these services [1].

Investors should note that this non-binding agreement contains execution risks until definitive agreements are secured. The company's history of losses and the competitive and regulated nature of its industries pose additional risks that could impact the acquisition's success [1].

References:
[1] https://www.stocktitan.net/news/FOXO/foxo-technologies-inc-announces-execution-of-a-non-binding-i3mcbc0e2hq4.html