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FOXO Technologies Inc. (NYSE:FOXO) ("FOXO" or the "Company") announces that it has executed a non-binding acquisition agreement to acquire an assisted living and memory care facility in South Florida.
The proposed acquisition includes the land and buildings. The facility has 87 units licensed for the provision of assisted living and memory care services. The purchase price for the facility is expected to be $22 million, a portion of which is milestone-based. $5M of the purchase price will be in the form of non-convertible preferred stock. Completion of the acquisition is subject to definitive agreements and a number of closing conditions, including satisfactory due diligence and financing.
Furthermore, the Company expects to shortly confirm a definitive agreement that is at an advanced stage of completion for the acquisition of Vector Biosource, Inc., that was previously announced.
The Company continues to explore and negotiate additional opportunities in the assisted living and behavioral health sector and is confident that the expansion of its Myrtle Recovery Centers, Inc. business is imminent.
The Company expects to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 on or before August 14, 2025, and expects to demonstrate a continued improvement in net revenues, profitability and stockholders' equity.
Posted In: FOXO
