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. The acquisition is subject to definitive agreements and closing conditions, such as satisfactory due diligence and financing. This acquisition aligns with FOXO's strategy to add assisted living facilities to its healthcare services.

FOXO Technologies Inc. (NYSE American: FOXO) has executed a non-binding acquisition agreement to buy an assisted living and memory care facility in South Florida for a total consideration of $22 million. The facility, which has 87 units, is expected to be purchased using non-convertible preferred stock. The acquisition is subject to definitive agreements and closing conditions, including satisfactory due diligence and financing.

This acquisition aligns with FOXO's strategy to expand its healthcare services by adding assisted living facilities. The company has been actively pursuing acquisitions and strategic partnerships to grow its healthcare portfolio, as evidenced by its recent announcements regarding the acquisition of Vector Biosource Inc. and the completion of a reverse stock split [1].

The facility in South Florida is part of FOXO's broader initiative to enhance its healthcare offerings. The company's behavioral health subsidiary, Myrtle Recovery Centers, Inc., has also been making strides, with key operational milestones reached and participation in major conferences [2]. Additionally, FOXO's critical access hospital, Big South Fork Medical Center, has expanded its services to include wound care and has completed a performance network agreement with Covenant Health to provide swing bed services [3].

The $22 million acquisition is a significant step for FOXO, which has been actively raising capital to fund its growth. The company recently completed an equity funding agreement and has designated a new series of preferred stock for acquisitions [4]. The acquisition of the South Florida facility is expected to contribute to FOXO's overall healthcare services and align with its strategic vision.

References:
[1] https://finance.yahoo.com/quote/FOXO/press-releases/
[2] https://finance.yahoo.com/quote/FOXO/press-releases/
[3] https://finance.yahoo.com/quote/FOXO/press-releases/
[4] https://finance.yahoo.com/quote/FOXO/press-releases/