FOXO Technologies Inc., a company specializing in commercial physical and biological research, has regained compliance with the New York Stock Exchange (NYSE) American continued listing standards. The Minneapolis-based firm was previously notified by NYSE Regulation of noncompliance due to unpaid listing fees.
The initial notice, dated June 10, 2024, indicated that FOXO Technologies had an outstanding balance of listing fees which had been overdue for more than 180 days. The NYSE American Company Guide requires timely payment of listing fees under Section 1003(f)(iv), and the company was given until June 7, 2024, to settle the overdue amount or face noncompliance procedures.
On Tuesday, the company received a letter from the NYSE confirming that it has satisfied the outstanding fees and is now back in compliance with the exchange's listing standards. The resolution of this financial obligation removes the risk of delisting that FOXO Technologies faced due to the previous noncompliance.
In other recent news, FOXO Technologies Inc. has engaged in a series of strategic maneuvers, including new agreements and modifications to its executive compensation structure. The company has signed a Corporate Development Advisory Agreement with C L Talent Inc., aiming to tap into their expertise in health, wellness, and social media for upcoming business opportunities and talent engagement. In return, FOXO plans to issue 1.5 million shares of Class A Common Stock, subject to approval.
FOXO has also announced a partnership with J.H. Darbie & Co., Inc., who will serve as a nonexclusive financial adviser and provide exclusive services for private placements. J.H. Darbie's compensation package includes 625,000 shares of Class A Common Stock, a nonrefundable fee of $30,000 in the same stock, and a potential maximum fee of 2% for its services in private placements.
In addition to these agreements, FOXO has revised its executive compensation, replacing an interim employment agreement with a new Services Agreement with Mark White. White's compensation will include monthly fees of $30,000, an option to convert into equity, and 2,000 shares of Series A Preferred Stock. These recent developments reflect significant changes in FOXO's advisory and management structure.
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